Invesco Real Estate and Perot Development Co. have sold Phase I of DFW Park 161, a last-mile distribution campus in the Dallas-Fort Worth International Airport submarket in Irving, Texas. With the assistance of JLL Capital Markets, the joint venture development partners sold the three-building initial phase, which totals 1 million square feet of state-of-the-art industrial space, to BentallGreenOak.
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The JLL Capital Markets Investment Sales and Advisory team of Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher represented Invesco and Perot in the disposition of DFW Park 161. All parties involved in the transaction are remaining mum on the sale amount. However, Invesco and Perot invested approximately $120 million in the development of Phase I, according to the Irving-Las Colinas Chamber of Commerce’s report on Fiscal Year 2020 project wins. And the project’s full tenant roster likely added to the value of the deal.
Invesco and Perot broke ground on DFW Park in February 2020, kicking off the first stage of what will ultimately be a 2.4 million-square-foot park spanning nearly 200 acres of land leased from DFW Airport. Perot had initially planned to go it alone on the project but turned to JLL Capital Markets for assistance in securing Invesco as an equity partner in addition to obtaining construction financing for the speculative endeavor. With Peinado Construction aboard as general contractor, Phase I recently reached completion.
One hundred percent leased to four tenants, the newly sold Phase one of DFW Park 161 occupies 91 acres and consists of Logistics Centers 9, 10 and 11, which encompass roughly 646,000, 157,000 and 257,000 square feet, respectively. Located along State Highway 161, the Halff Associates-designed property also offers easy access to the Texas Triangle, which is the sweet spot between Dallas-Fort Worth, Houston, San Antonio and Austin that is home to 2.5 million residents and counting.