JLL Capital Markets has closed the sale of DFW Park 161, a fully leased Class-A++ industrial park comprising three buildings totaling one million square feet in a last-mile distribution location at Dallas-Fort Worth International Airport within the city of Irving.
JLL marketed the property on behalf of the sellers, Invesco Real Estate, a global real estate investment manager, and Perot Development Company. BentallGreenOak acquired the asset on behalf of an institutional investor.
DFW Park 161 is one of Dallas-Fort worth’s premiere business parks due to its best-in-class construction and distribution location. The fully leased property offers its four diverse tenants highly functional features and amenities, including clear heights ranging from 32 to 36 feet, 227 dock-high doors, eight drive-in doors, low office finish, ESFR fire protection, LED lighting and ample trailer and vehicle parking space.
Spanning more than 91 acres on airport land, the park is located at 3000, 3050 and 3150 State Highway 161 just east of Dallas-Fort Worth International Airport and within the DFW Airport Industrial submarket, one of the most desirable industrial submarkets in the region. DFW Park 161 is along State Highway 161, which is one of the area’s main north and south transportation arteries and carries more than 123,000 vehicles per day. In addition to the ability to easily reach the entire DFW metro area quickly, the property has connectivity to the Texas Triangle, the area between DFW, Houston, San Antonio and Austin that houses 2.5 million residents, which is expected to grow to house 78% of the state’s population within the next 40 years. With $1.32 trillion in economic output, this area ranks among the world’s 15 largest economies.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher.