Premiere Dallas-Fort Worth industrial park in sought-after submarket sells
JLL Capital Markets closed the sale of the fully leased DFW Park 161 to BentallGreenOak
DALLAS, June 28, 2022 – JLL Capital Markets announced today that it has closed the sale of DFW Park 161, a fully leased Class A++ industrial park comprising three state-of-the-art buildings totaling 1 million square feet in a last-mile distribution location at Dallas-Fort Worth International Airport within the city of Irving, Texas.
JLL marketed the property on behalf of the sellers, Invesco Real Estate, a global real estate investment manager, and Perot Development Company. BentallGreenOak acquired the asset on behalf of an institutional investor.
DFW Park 161 is one of Dallas-Fort worth’s premiere business parks due to its best-in-class construction and distribution location. The fully leased property offers its four diverse tenants highly functional features and amenities, including clear heights ranging from 32 to 36 feet, 227 dock-high doors, eight drive-in doors, low office finish, ESFR fire protection, LED lighting and ample trailer and vehicle parking space.
Spanning more than 91 acres on airport land, the park is located at 3000, 3050 and 3150 State Highway 161 just east of Dallas-Fort Worth International Airport and within the DFW Airport Industrial submarket, one of the most desirable industrial submarkets in the region. DFW Park 161 is along State Highway 161, which is one of the area’s main north and south transportation arteries and carries more than 123,000 vehicles per day. In addition to the ability to easily reach the entire DFW metro area quickly, the property has connectivity to the Texas Triangle, the area between DFW, Houston, San Antonio and Austin that houses 2.5 million residents, which is expected to grow to house 78% of the state’s population within the next 40 years. With $1.32 trillion in economic output, this area ranks among the world’s 15 largest economies.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher.
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $92.0 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; invesco.com.
About Perot Development Company
Perot Development Company is headquartered in Dallas, Texas, and has been developing industrial projects for more than 21 years totaling approximately 8.0 million square feet. Perot Development Company specializes in industrial build-to-suit and speculative project development in the areas of global e-commerce fulfillment, air cargo and logistics, warehouse/distribution and air freight forwarder facilities at DFW International Airport and George Bush Intercontinental Airport/Houston.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the institutional alternatives and traditional asset management business of Sun Life. For more information, please visit bentallgreenoak.com.