27 Feb New business park near DFW Airport will bring more than 2 million square feet
Another big warehouse project is kicking off near DFW International Airport.
Invesco Real Estate and Perot Development Co. are teaming up to build the more than 2.4 million-square-foot DFW Park 161 industrial campus on Bush Turnpike south of State Highway 114.
The first phase of the project will include three buildings with more than 1 million square feet of space.
“With DFW Park 161, one of North Texas’ few remaining centrally located infill sites for a major global e-commerce hub, we will further build on Perot Development’s legacy of creating state-of-the-art logistics centers that directly support the region’s prime economic engine, DFW International Airport,” Perot Development CEO Pat Perot said in a statement. “We expect the project to see strong demand due to the need for logistics facilities that can amply serve North Texas’ dynamic population growth and robust international trade sector.“
The developers are describing the first three buildings in the project as “e-commerce hubs,” filling a demand in the market for digital merchandise distribution.
The first three buildings will be ready early next year.
First United Bank is providing financing for the development. Halff Associates is the project architect and civil engineer. Peinado Construction is the general contractor.
Kurt Griffin and Nathan Orbin of Cushman & Wakefield are marketing the project to tenants.
With the new project, Perot Development has built almost a dozen warehouses in the area around DFW Airport. Perot Development has built almost 5 million square feet of industrial space at the airport over a seven-year period.
He’s leased the buildings to tenants including Amazon, Siemens and Coca-Cola.
Partner Invesco Real Estate is a major institutional property investor with holdings throughout North Texas and nationwide.
Their new DFW Airport project joins almost 30 million square feet of industrial space being built in the D-FW area, making it the fastest-growing warehouse market in the country.