Logistics Property Company(LPC) has signed 1.1 million square foot lease at Southport Logistics Park (Southport), a 252-acre master-planned logistics destination within the South Dallas submarket of Dallas-Fort Worth, Tx.
At full build-out, Southport will house over 3.55 million square feet of Class-A industrial space comprising four buildings:
- 400,000 square foot cross-docked facility fully leased to an operating subsidiary of a Fortune 100 eCommerce retailer;
- 1 million square foot cross-docked facility fully leased to an iconic American consumer packaged goods (CPG) manufacturer;
- 2 million square foot speculative build-to-suit; and
- 850,000 square foot speculative build-to-suit.
“We’re excited to announce Southport Logistics Park’s first two state-of-the-art logistics facilities are now 100 per cent leased,” said Kent Newsom, LPC’s Executive Vice President – South Region.
CBRE’s Dallas-Fort Worth heavy hitters, Kacy Jones, Senior Vice President, CBRE, and John Hendricks, Vice President, CBRE, represented the landlord in the brokerage of the 1.1 million square foot industrial building located at 1200 Fulghum Road.
Colliers International’s seasoned industrial real estate professionals Allen Gump, SIOR, CCIM Executive Vice President – Dallas, Lynn Reich, SIOR, CCIM Executive Vice President – Chicago, and Suzanne Serino, Vice President – Chicago represented the tenant.
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“We have had the opportunity to work with our client on many projects over the years. They are an amazing group that executes a strategy within prescribed parameters allowing us to be a good partner,” said Ms. Reich. “In addition, LPC was responsive and collaborative from financial structure to construction modifications and lease negotiations.”
This lease represents a win-win-win for LPC, its brokers and its tenant. It also underpins LPC’s values, known as our DNA. Expertise, diligence and value are the operating philosophies that guide our internal conduct as well as relationships with our customers, partners, and shareholders.
“The CBRE and Colliers International teams were both an absolute delight to work with,” said Mr. Newsom. “Moreover, LPC prides itself on paying 100 per cent of Colliers International’s commission within days of the lease execution.”
LPC’s business model allows for further expansion of Southport Logistics Park, and it’s delighted to be currently marketing Phase III, a 1.2 million square foot speculative build-to-suit pad. Located one mile east of Interstate 45 and the Union Pacific Intermodal, and five miles south of Interstate 20, Southport offers tenants a premier logistics location within Dallas-Fort Worth.
Less than 48 hours from every major market in North America, with four major interstates, three major railroads, Dallas is where all roads lead from, the perfect logistics and manufacturing center for all types of operations, big or small, according to the City of Dallas Office of Economic Development.
LPC anticipates closing on additional properties in Pennsylvania, Texas, the Midwest and the Pacific Northwest in the near term, as part of a development pipeline of approximately 20 million square feet. The company is targeting leading industrial markets across the U.S. with strong population demographics and significant in-place infrastructure.
Source:LPC
