CenterPoint Acquires Dallas Infill Land Site, Immediately Commences Construction of Class A Industrial Facility

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Posted By Staff Writers On November 9, 2022 @ 9:37 am

OAK BROOK, IL – CenterPoint Properties has begun construction on a newly acquired 15.5-acre land site in one of the tightest industrial submarkets in Dallas-Fort Worth. The Chicago-based firm is constructing a 181,250-square-foot facility on the site at 3671 Airport Freeway in Bedford, Texas. The speculative Forum Business Center will be CenterPoint’s second ground-up development in the DFW market.

“CenterPoint is determined to grow its presence in America’s top industrial markets and capitalize on users’ flight to quality, particularly in competitive infill submarkets,” said Brian McKiernan, CenterPoint’s Senior Vice President of Development in the Central Region. “DFW’s projected population growth in the coming decade, solid economic fundamentals, and its critical importance as a regional transportation hub make it one of the markets we’ll be focusing on in the years to come,” McKiernan explained.

Vacancy rates are down sharply across all commercial asset types in DFW, and industrial ¬– with continuing strong fundamentals – tenant demand remains strong. Even as developers deliver new facilities in the coming year, analysts say the influx of supply will still fall short of the market’s burgeoning user requirements. CenterPoint’s new acquisition is in what’s arguably the most competitive submarket among DFW users, driving rents to record heights in that submarket.

“The instant this deal closed, the CenterPoint Development Team mobilized to execute our carefully designed plan to deliver one of the finest facilities in the area,” said Carmine Bottigliero, CenterPoint’s Vice President of Development in the Central Region. “This will be a highly efficient facility for one or several companies when we deliver it in Summer ’23,” Bottigliero added.

The property will feature multiple points of ingress and egress and parking for 19 trailers and more than 200 cars. The warehouse will have 53 doors, a 32-foot clear height, and an ESFR sprinkler system, and it was designed to be LEED-certified.

The site has frontage on SH-183 and is centrally located for premium access to the whole Metroplex. It’s just minutes from DFW International Airport, 22 miles from Downtown Dallas and less from Downtown Fort Worth.

Dom Espinosa and Dustin Volz of JLL brokered the transaction between CenterPoint and the seller, Texas-based Committed Industrial. McKiernan credited Rocco Curci, Managing Partner of Committed Industrial, for his team’s efforts in the project’s initial development, including assembling the infill site, securing entitlements, and creating the project’s best-in-class design.

CenterPoint has tapped the JLL team of Kurt Griffin, Nathan Orbin, and Dalton Knipe to lead leasing efforts.

In Q4 ’21, the Chicago-based firm acquired a Class A facility in Irving, Texas. At the time, company leaders signaled they intended to invest more heavily in Dallas, Austin, and San Antonio, after spending much of the past decade concentrating their Texas resources primarily in Houston.

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