JLL’s capital markets team has closed the sale of Park Row Logistics Center, a new, 155,425-square-foot, industrial warehouse in the Dallas-area community of Arlington, Texas. JLL represented a joint venture between developer Stream Realty Partners and LaSalle Investment Management in the sale to Clarion Partners, LLC for an undisclosed sum.
The Class A+ Park Row Logistics Center is fully leased to Mochila Fulfillment, which provides order fulfillment and warehousing services to e-commerce brands. The single-load building was completed in late 2019 and features a 32-foot clear height, 180-foot truck court, 28 trailer parking spaces, 22 dock-high doors, 60 loading bays, one oversized door, one drive-in door and low office finish.
Situated on 9.23 acres at 3301 E. Park Row Drive, the property is in the Great Southwest/Arlington Industrial submarket, which is known for its central location within the Dallas-Fort Worth metroplex. This location has access to major interstates and highways, including Interstates 20 and 30 and highways 183, 161 and 360, which provide the tenant easy access to approximately 58.6 million customers within a one-day’s drive.
The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
The JLL capital markets investment advisory team representing the seller was led managing director Dustin Volz, senior director Stephen Bailey and analysts Zach Riebe and Austin Ross.
