New Class A+ industrial warehouse sells near Dallas
JLL Capital Markets closed the sale of the property that is fully leased to an e-commerce servicer
DALLAS, December 7, 2020 – JLL Capital Markets announced today that it has closed the sale of Park Row Logistics Center, a new, 155,425-square-foot state-of-the-art industrial warehouse in the Dallas-area community of Arlington, Texas.
JLL worked on behalf of the seller, a joint venture between developer Stream Realty Partners and LaSalle Investment Management. Clarion Partners, LLC purchased the asset.
The Class A+ Park Row Logistics Center is fully leased to Mochila Fulfillment, which provides order fulfillment and warehousing services to e-commerce brands. The single-load building was completed in late 2019 and features a 32-foot clear height, 180-foot truck court, 28 trailer parking spaces, 22 dock-high doors, 60 loading bays, one oversized door, one drive-in door and low office finish.
Situated on 9.23 acres at 3301 E. Park Row Dr., the property is in the Great Southwest/Arlington Industrial submarket, which is known for its central location within the Dallas-Fort Worth metroplex. This location has access to major interstates and highways, including Interstates 20 and 30 and highways 183, 161 and 360, which provide the tenant easy access to approximately 58.6 million customers within a one-day’s drive.
The COVID-19 pandemic and the shelter-in-place policies that ensued have accelerated e-commerce growth and the need for warehouse space across the nation. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate to an additional 1 billion square feet. 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.
The JLL Capital Markets Investment Advisory team representing the seller was led Managing Director Dustin Volz, Senior Director Stephen Bailey and Analysts Zach Riebe and Austin Ross.
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 Stream Realty Partners
Stream is a national commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 920 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego and Washington, D.C. Stream completes more than $3.6 billion in real estate transactions annually and is an active investor and developer across the nation. Visit streamrealty.com.
About LaSalle Investment Management
LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $69 billion of assets in private and public real estate property and debt investments as of Q3 2020. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information please visit lasalle.com.
About Clarion Partners
Clarion Partners, LLC, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for more than 38 years. Headquartered in New York, the firm has offices in major markets throughout the U.S. and Europe. With over $55 billion in total assets under management, Clarion Partners offers a broad range of both equity and debt real estate strategies across the risk/return spectrum to its more than 400 domestic and international institutional investors. For more information, please visit clarionpartners.com.