After fully leasing its previous two industrial buildings to major tenants, Logistics Property Co. is planning to break ground on its third property in the Southport Logistics Park in Wilmer, Texas. The company will begin construction on Building 3 in the Dallas- Fort Worth logistics park in July, with an expected completion for the second quarter of 2021.
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Located at 1300 Fulghum Road, Southport Logistics Park’s Building 3 will offer 1 million square feet with 40-foot clear heights, more than 300 trailer parking spaces and more than 650 car parking spaces. The cross-docked speculative building can also be expanded to more 1.2 million square feet or the extra land can be reserved for more parking space.
The logistics park is also located near Interstates 20 and 45, and 3 miles south of the second-busiest FedEx Ground hub in the U.S., according to LPC. Situated in Dallas, Southport Logistics Park is also less than 48 hours from every major market.
Room for a fifth building
Southport Logistics Park, a 252-acre master-planned logistics project, will feature more than 3.5 million square feet of Class A industrial space at full build-out. The logistics park’s first building that offers 1.1 million square feet was fully leased to JM Smucker Co. in April 2019. LPC added another 400,000 square feet with Building 2, which is fully leased to an operating subsidiary of a Fortune 100 e-commerce retailer.
Kacy Jones, senior vice president at CBRE’s Dallas-Fort Worth team, is marketing the logistics park and said in prepared remarks that despite the slowdown from the COVID-19 situation, there are indicators for an increase in velocity for big box e-commerce players. Jones added in his prepared statement that CBRE is bullish on LPC’s speculative strategy.
Kent Newsom, executive vice president of LPC’s south region, told Commercial Property Executive that the company doesn’t have a timeline set for Building 4, which will be 850,000 square feet, and the logistics park has the option to expand to five buildings.