JLL Capital Markets closed the sale of and leased the Class A industrial warehouse in suburban Dallas
JLL announced today that it has closed the sale of Park 20, a fully leased, state-of-the-art, 468,300-square-foot Class A industrial warehouse in the Dallas-Fort Worth community of Lancaster, Texas.
JLL worked on behalf of the seller, Huntington Industrial Partners. An affiliate of Lexington Realty Trust purchased the asset. Additionally, JLL leased the property for the seller.
Park 20 features 32-foot clear heights, deep truck courts, 99 overheard dock doors, 56 dock packages, five drive-in doors, 48 trailer parking stalls, ESFR sprinklers, tilt wall construction and additional land that could be used for additional trailer stalls or as a lay-down yard. The building was completed in 2017 and is full occupied by Petmate, a worldwide leader of pet products and solutions offered through online sales, dealers and retail stores. Situated on 28.81 acres at 3201 N. Houston School Rd., Park 20 is within the South Dallas Industrial submarket and has immediate access to multiple transportation arteries, including Interstate 35, 20 and 45.
The JLL Capital Markets Investment Advisory team representing the seller was led by Managing Director Dustin Volz, Senior Director Stephen Bailey and Analyst Zach Riebe.
The JLL Agency Leasing team that worked on behalf of the seller included Senior Vice President Randy Touchstone and Managing Directors Terry Darrow and Craig Jones.
The Dallas-Fort Worth industrial market has become recognized as one of the most robust and resilient areas across the county for industrial real estate. The fourth largest industrial market in the United States, JLL reports that DFW continued its record run of growth in 2020 and has more than 660 million square feet of product and a vacancy rate of 7.7 percent as of Q3 2020. 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.
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.
About Huntington Industrial Partners
Huntington Industrial Partners is an industrial real estate operating company with a strategic focus on acquiring and developing industrial properties in select U.S. markets. The strategy is executed by local teams with extensive industrial experience, market knowledge, and established network of market contacts.
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 $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.
