A New York firm has expanded its footprint in the Dallas industrial sector with its latest acquisition.
IG Logistics has acquired the nine-acre industrial outdoor storage facility on 104 E Trinity Boulevard in Grand Prairie, one of the largest suburbs in the Dallas-Fort Worth area. The financial teams were not disclosed.
This marks the firm’s fifth industrial purchase in the DFW metro within the last two years, and the company has plans to further expand its reach in the city as its commercial sector continues to see rapid growth.
“This is a super rare, best-in-class industrial outdoor storage property in one of the top industrial markets in the U.S.”, said Daniel Glaser, managing partner and co-founder of IG Logistics. “They rarely trade and are very hard to buy.”
Other companies have invested big in Dallas industrial real estate over the past few months in suburban corridors like southern Dallas, and the market for industrial real estate is slated to continue expanding. Data from CBRE earlier this year shows that the Dallas industrial market is experiencing record-low vacancy rates, construction, and demand as more companies come and build out new spaces.
The E Trinity Boulevard property itself is mostly open space, with the main warehouse occupying only 28,000 square feet of the nine acre site. IG specializes in acquiring industrial properties with large outdoor storage space to serve industries that rely on e-commerce and transportation, according to a press release.
The property is very close to the DFW International Airport and has direct highway access, putting it in an ideal spot for transit-oriented businesses.
“Industrial outdoor storage is one of the hottest sectors in real estate right now,” Glaser said. “Having a warehouse does add value but the outdoor storage is really driving the value on this site.”
A comparably sized 10-acre industrial park is currently in construction near the DFW Airport as well and will include over 429,000 square feet of commercial and warehouse space.
The IG warehouse itself is low-coverage with a large concrete outdoor storage yard, and is currently leased to Beacon Roofing Supply, which uses the space to store materials and equipment. Glaser said that while the company has no current plans to build other warehouses on the site, the large unbuilt space leaves the potential for further development in the future.
The company has purchased over 25 outdoor-storage industrial properties, including those in Texas, and Glaser says many are being considered for future development sites.
Read more
Commercial
Dallas
KKR eyes North Texas industrial development
Commercial
Dallas
Industrial investor Faropoint buys six Texas warehouses in Dallas-Fort Worth