JLL Income Property Trust has purchased a recently completed, 350,000-square-foot industrial asset in Fort Worth, Texas. The distribution center is part of the 66-acre Northwest Commerce Park, developed by Stream Realty Partners, according to Dallas Morning News.
JLL acquired the vacant building from the developer in an off-market transaction, stated Allan Swaringen, president & CEO of JLL Income Property Trust, in prepared remarks. The deal marks JLL’s fourth transaction in the Dallas-Fort Worth area, bringing its local industrial footprint to 1.4 million square feet.
The property is located at 2773 Highway 114, 3 miles west of Interstate 35W and 20 miles north of downtown Fort Worth. The asset is close to the BNSF Alliance internodal facility, the FedEX Southwest Regional SortHub and an Amazon Fulfillment Center, while Fort Worth Alliance Airport is within a 5-mile drive.
Situated on a 13.6-acre site, the Class A warehouse/distribution center came online in 2020. The building offers 36-foot clear heights and excess trailer parking.
Earlier this month, JLL Income Property Trust expanded its industrial footprint with the acquisition of a 720,000-square-foot property outside of Indianapolis. The asset—fully leased to LifeScience Logistics and Lowe’s Cos.—commanded $62 million.