LBA Buys 616 KSF Metroplex Warehouse

LBA Logistics has acquired Core45, a warehouse spanning 616,068 square feet in Wilmer, Texas, within the Metroplex. Grandview Partners sold the facility, while JLL Capital Markets brokered the deal on its behalf.

The property came online in 2023, one year after American Equity Investment Life Insurance Co. had originated a $23.8 million construction loan, Yardi Matrix information shows. Grandview Partners refinanced that debt with a $37.4 million note issued by Franklin BSP Realty Trust in 2024.

Owens Corning, a Fortune 500 company operating in the insulation, roofing and fiberglass market, leased nearly half of the property, bringing the warehouse’s occupancy to 48 percent. The vacant 323,388 square feet represents a value-add play for LBA in a market experiencing strong tenant demand, according to the brokers.

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Core45 has 40-foot clear heights, 110 dock doors, four drive-in ramps and truck courts reaching a depth of 188 feet. Parking arrangements consist of 151 trailer and 306 car spaces.

The 34-acre facility is at 1401 E. Pleasant Run Road, 16 miles southeast of Dallas. Interstate 45 runs less than 1 mile away, intersecting with Interstate 20 within 6 miles. The I-45 corridor has garnered investor interest as tenants with strong credit ratings expand in the area, according to a JLL statement.

JLL Capital Markets Senior Managing Director Trent Agnew, together with Senior Director Tom Weber, as well as Director Pauli Kerr and Analyst Carson Stogner, represented Grandview Partners.

LBA Logistics is the industrial arm of LBA Realty, operating some 106 million square feet across more than 400 properties. The company expanded to Europe in 2023 and continues to grow in the U.S.—in June, LBA paid $55.5 million for a Chicago warehouse.

Dallas rents climb as the market tops investment charts

Dallas-Fort Worth attracted the most capital across industrial transactions among the top markets, a recent Yardi Matrix report shows. A total of $5.3 billion changed hands year-to-date through October. Assets changed hands for $109 per square foot, 19.9 percent below the national average of $136 per square foot.

One of the most notable Dallas deals to close this year also involved LBA Logistics, which sold nearly 2 million square feet of industrial space across two large-box industrial buildings, bucking recent industrial real estate trends, partly defined by an increase in shallow-bay warehouse investment.

In-place industrial rents across the Metroplex clocked in at an average of $6.70 per square foot in October, below the $8.73 national figure, the same report shows. However, Dallas-Fort Worth rates were up 7.2 percent year-over-year, 150 basis points above the national rate.