CenterPoint Properties has acquired the newly constructed Bison Grove Business Park in Lewisville, Texas.
The four Class A facilities total nearly 900,000 square feet on 62 acres. The project near Dallas-Fort Worth Airport is 78 percent leased.
701 Spinks Rd. has 140,950 square feet of space available for lease. The building is divisible to approximately 37,000 square feet and offers frontage on S. Edmonds Lane. 700 W. Round Grove Rd. has about 65,000 square feet available for lease and also has frontage on S. Edmonds Lane. 800 W. Round Grove Rd. and 801 Spinks Rd. have been fully leased.
Both buildings with available space have 32-foot clear heights and ESFR sprinkler systems. CenterPoint plans to construct speculative office space in both availabilities to facilitate immediate occupancy.
Rives Nolen, CenterPoint’s Senior Vice President of Investments for the Central Region, touted the park’s premier location near highways TX 121 and I-35E, giving tenants easy access to the entire DFW metroplex.
“We’ve been working diligently to continue our expansion into DFW over the past few years, so we’re thrilled to add these assets to our portfolio,” said Nolen. “These four Class A buildings were designed with the flexibility to accommodate a range of tenant sizes that are highly sought after in this part of DFW. With parking for nearly 800 cars and almost 100 trailers, clear heights of 32 to 36 feet, and 261 doors in total, this is unquestionably one of the most dynamic distribution parks in the market,” Nolen added.
Justin Gallagher, CenterPoint’s Dallas-based Investment Officer for the Central Region, cited the park’s 6-mile drive to Dallas-Fort Worth Airport as another major plus for distributors.
“It’s not surprising tenant interest has been exceedingly strong for these properties,” Gallagher said. “DFW Airport continues to be the strongest submarket in the metroplex, with vacancy rates continuing to contract. We feel the infill location, outstanding consumer and labor access, and quality of the buildings puts Bison Grove at the head of the class in the minds of many tenants,” Gallagher concluded.
Bison Grove, developed by Hines, is one of several recent developments for the firm’s industrial and logistics platform in Dallas. “It was a pleasure to work with the professionals at Stream, CenterPoint and CBRE on the Bison Grove transaction, and we look forward to expanding our industrial & logistics platform in Dallas,” said Palmer Letzerich, Hines’ Senior Managing Director.
Randy Baird of CBRE brokered the transaction, and Bob Hagewood and Jeremy Kelly with Stream Realty are leasing the remaining space in the park.
In recent years, CenterPoint leaders have increasingly focused their Central U.S. resources on the Dallas-Fort Worth market. They say DFW, along with Houston, Austin, and San Antonio, are priorities for increased investment in line with the company’s national strategy of acquiring and developing high-quality assets in the nation’s leading infill submarkets.
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 firstname.lastname@example.org or 630.586.8285.