Class A+ industrial park in mission-critical location sells
JLL Capital Markets closed the sale of the new Fort Worth property to James Campbell Company on behalf of Scannell Properties.
DALLAS, December 8, 2020 – JLL Capital Markets announced today that it has closed the sale of Speedway Logistics Crossing, a new, two-building, Class A+ industrial park totaling 798,246 square feet in a mission-critical location in Fort Worth, Texas.
JLL worked on behalf of the seller, Scannell Properties. James Campbell Company LLC purchased the asset.
The state-of-the-art Speedway Logistics Crossing was completed in 2020 and includes one rear-load and one cross-dock building. The property features 36-foot clear heights, deep truck courts, six drive-in doors, 134 dock-high doors, 173 trailer parking spaces, ESFR sprinklers and low office finish. The property is 82 percent leased with over 12 years of average lease term to two tenants.
Situated on 54.98 acres at 2660 and 2401 Petty Place, Speedway Logistics Crossing is in approximately 1.6 miles from the Intersection of Interstate 35W and SH 114, which provides exceptional regional access. The property is in a region that is part of the Texas Triangle, an area between DFW, Houston and San Antonio that allows tenants to reach more than 25 million people in a matter of hours.
Speedway Logistics Crossing is in the North Fort Worth Industrial submarket, one of the most dynamic big box submarkets in the country. The Dallas-Fort Worth Industrial market has continued its record setting growth in 2020 and continues to be one of the top performing markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.
“Speedway Logistics Crossing is our sixth development in the Dallas-Fort Worth area, totaling in excess of 3.0 million square feet of industrial and office space,” said Kris Arviso, managing director, Scannell Properties. “It’s an attractive region for warehouse and light industrial business, and we’re excited to continue building on the momentum we’ve created with our Speedway project.”
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Director John Huguenard, Managing Director Dustin Volz, Senior Director Stephen Bailey, Director Dom Espinosa and Analyst Zach Riebe.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Scannell Properties
Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects throughout the United States, Canada and Europe. In business since 1990, the company has completed over 300 development projects totaling 63 million square feet in 44 states and 3 Canadian provinces. Scannell offers experienced leadership, a history of successful commercial development projects, broad geographic reach and expertise in a wide range of building types.
About James Campbell Company LLC
The James Campbell Company LLC is a private, Hawai’i-based, nationally diversified real estate company with assets in Washington, D.C., and 12 states across the U.S. These assets include office, industrial, retail, and ground lease properties, as well as developable land in Kapolei, Hawai’i.