ITS Logistics Signs 1 MSF Lease at Dallas Industrial Park

This location will serve as the 3PL’s first distribution center in Texas.

NorthPoint Development. Image courtesy of Cresa

Third-party logistics company ITS Logistics has leased a more than 1 million-square-foot distribution center at NorthPoint Development’s newest build-to-suit, Intermodal Logistics Center, in Fort Worth, Texas. Cresa represented ITS.

The location will serve as the 3PL’s first distribution center in Texas.

The building broke ground in August and will feature a 40-foot clear ceiling height, 200-plus dock doors and parking for more than 200 trailers. It’s expected to be completed in July 2023.


READ ALSO: What’s Driving Industrial Property Management Today


Intermodal Logistics Center is a seven-building, Class A industrial park serving the Dallas–Fort Worth metro and adjacent to BNSF’s Alliance Intermodal facility, FedEx and UPS regional hubs, Fort Worth Alliance Airport, and Interstate 35W. So far, three of the seven planned warehouse/distribution facilities have been completed.

NorthPoint did not reply to Commercial Property Executive’s request for additional information.

The Dallas-based Cresa team that represented ITS included Brad Struck, Clint Manning and Darren Woodson, along with Cresa industrial services partner John Bollman.

ITS is headquartered in Reno, Nev., and employs more than 900 personnel in Nevada, California, Indiana, Washington, Oregon, Utah, Arizona, Ohio, Georgia and Pennsylvania. With this new lease, the company’s U.S. distribution space now totals more than 3 million square feet.

Fast-paced Metroplex industrial market

The DFW metro’s industrial space market is enjoying near-record leasing activity (12.2 million square feet in the second quarter) and a high level of space already spoken for—more than 26 percent of the 60.5 million square feet currently in the pipeline is preleased or built-to-suit—according to a recent report from JLL.

The North Fort Worth submarket has a tight 3.1 percent average vacancy on its inventory of about 94.5 million square feet of warehouse/distribution space. The average asking rent there is $5.57, also according to JLL.

In April 2021, NorthPoint acquired a 19.2-acre site in Tampa, Fla., on which the developer planned to break ground immediately on an approximately 297,250-square-foot master-planned industrial project, Tampa Airport Logistics Center.

You May Also Like

The latest CRE news, delivered every morning.

 

Most Recent