CenterPoint Properties is ramping up its Texas investment expansion plan, acquiring its second industrial property in Dallas just days after acquiring its first property in Austin.
The new construction at 2201 Chemsearch Blvd. in Irving, Texas, is a nearly 330,000-square-foot Class A facility.
“This trophy acquisition is perfectly aligned with CenterPoint’s strategic goals in Texas,” said CenterPoint’s Senior Vice President of Investments, Rives Nolen. “We seek rare Class A infill investments like this that position our portfolio for accretive long-term gains. Class A assets are extremely rare in this part of Dallas, and the location fronting Highway 183 provides excellent visibility and highway access just minutes from the CBD and DFW Airport. The South Stemmons submarket has a low vacancy rate and minimal industrial land making this investment well-insulated from supply,” Nolen finished.
The Chemsearch facility sits on more than 18 acres and has a 36-foot clear-height, 47 dock doors, an ESFR sprinkler system and parking for 59 trailers and 356 cars. It’s leased long-term to a Dallas-headquartered company that will use it for headquarters, distribution, fulfillment and storage.
“The fact that this property will be fully leased upon delivery speaks volumes to not only its quality as a state-of-the-art distribution center and tremendous location but also the overall state of the DFW industrial climate,” stated CenterPoint’s Dallas-based Investment Officer Justin Gallagher. “Even though DFW is one of the top markets in the U.S. for new industrial construction, supply cannot keep up with demand. Vacancy rates have declined here for the past decade for a reason, and this facility is an outstanding addition to what will be an important market for CenterPoint in the years to come,” Gallagher concluded.
CenterPoint’s new investment has frontage on State Highway 183 and is near the Loop 12 interchange, offering the tenant easy access to SH 114 and I-35 to make its distribution activities efficient and reduce transportation costs. The property is in the heart of the DFW metroplex, 10 miles from DFW Airport and only 8 miles from the Dallas business district.
Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the transaction.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems — the delicate, the complex, the seemingly impossible — that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact email@example.com or 630.586.8285.