DFW AIRPORT, Texas — February 25, 2020 — Invesco Real Estate and Perot Development Company have now broken ground on the first development phase for a massive logistics center project, DFW Park 161, which will eventually total over 2.4 million square feet on 196 acres in Irving, at the east end of Dallas Fort Worth (DFW) International Airport. The site fronts the President George Bush Turnpike (SH 161), adjoins the Dallas Area Rapid Transit (DART) Orange Line and is directly across the freeway from the DART Belt Line Station.
Phase one of the project will encompass three global e-commerce hubs known as Logistics Centers 9, 10 and 11, totaling over 1 million square feet and developed on a speculative basis due to expected strong marketplace interest. Phase two of the project will be a future build-to-suit e-commerce hub, Logistics Center 8, potentially exceeding 1.4 million square feet in size.
DFW Park 161 is a joint venture between Invesco Real Estate, the global real estate investment business of Invesco Ltd., and Perot Development Company, with First United Bank providing financing support. Halff Associates is serving as the project architect and civil engineer, and Peinado Construction is the general contractor.
Kurt Griffin and Nathan Orbin, co-leads for Cushman & Wakefield’s Industrial Agency Leasing team in Dallas-Fort Worth, are the project’s designated leasing brokers.
The three phase one buildings are expected to be available for lease by early 2021 and will provide all of the key elements tenants require for efficient office, showroom and distribution facilities. Each facility offers a location convenient not only to the airport and the President George Bush Turnpike (SH 161), but also to other key transportation thoroughfares such as I-635, I-35, SH 114 and SH 121.
- Logistics Center 9 (3150 SH 161) will be a 646,190-square-foot facility located on 50.38 acres, with a minimum 36’ clear height, 136 dock doors, 171 trailer storage positions and 388 parking spaces – plus a future additional 74 trailer storage positions.
- Logistics Center 10 (3000 SH 161) will be a 156,625-square-foot facility located on 15.83 acres, with a minimum 32’ clear height, 35 dock doors and 164 parking spaces – plus a future additional 72 trailer storage positions.
- Logistics Center 11 (3050 SH 161) will be a 247,265-square-foot facility on 28.11 acres, with a minimum 32’ clear height, 60 dock doors, 54 trailer storage positions and 306 parking spaces.
All of the DFW Park 161 buildings will incorporate the latest design and technology to maximize the project size and functionality, and will offer key features and benefits such as:
- Strategic, central DFW Metroplex location for easy access to showrooms, efficient customer pick-up and deliveries, and convenient access to labor
- Frontage to President George Bush Turnpike (SH 161)
- Access via two freeway exits – Gateway Drive and Belt Line Road off the Bush Turnpike/SH 161
- Triple Freeport inventory tax exemption available in Dallas County, Carrollton/Farmers Branch ISD and the City of Irving (via City Council approval)
- Foreign Trade Zone benefits
- Proximity to FedEx and UPS regional hubs
- Proximity to USPS bulk mail center
- Proximity to air cargo areas and major freight forwarders at airport
“With DFW Park 161, one of North Texas’ few remaining centrally located infill sites for a major global e-commerce hub, we will further build on Perot Development’s legacy of creating state-of-the-art logistics centers that directly support the region’s prime economic engine, DFW International Airport,” said Perot Development CEO Pat Perot. “We expect the project to see strong demand, due to the need for logistics facilities that can amply serve North Texas’ dynamic population growth and robust international trade sector. We sincerely appreciate the continued support and partnership we have received from DFW International Airport and the City of Irving in making DFW Park 161 possible. We know they will be proud of the project as phase one begins to take shape.”
Including the facilities to be built in DFW Park 161, Perot Development will soon have developed an impressive total of nearly 5 million square feet in global e-commerce hubs at the airport over a seven-year period.
Perot Development’s previously developed global e-commerce hubs at DFW International Airport include the following:
- Logistics Center I (completed in 2014, now an Amazon Fulfillment Center): 1,053,365 square feet on 60.18 acres in Coppell
- Logistics Center II (completed in 2015, now an Amazon Fulfillment Center): 1,041,600 square feet on 60.47 acres in Coppell
- Logistics Center III (completed in 2016, now leased to Siemens): 119,976 square feet on 9.5 acres in Irving
- Logistics Center IV (completed in 2016, now leased to Coca-Cola): 143,950 square feet on 8.84 acres in Irving
- Logistics Center V (completed in 2016, with Aramark Refreshments now the major tenant): 116,072 square feet on 8.95 acres in Irving
- Logistics Center 6 (completed in 2018, now available for lease): 67,500 square feet on 5.0 acres in Irving
- Logistics Center 7 (completed in 2018, now available for lease): 74,375 square feet on 5.26 acres in Irving
Perot Development also previously developed other significant facilities at DFW International Airport such as Aviall Services, Inc.’s headquarters and global distribution center totaling 280,000 square feet, Dallas Airmotive’s jet engine repair and testing facilities totaling 228,000 square feet and the 404,500-square-foot warehouse and distribution center known as DFW International Commerce Park I.
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of November 30, 2019. For more information, visit Invesco.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $81.3 billion in real estate assets under management, 534 employees and 21 regional offices across the U.S., Europe and Asia (as of 09/30/19). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com.
About Perot Development Company
Perot Development Company is a full-service real estate company that is responsible for the construction/development, leasing and management of their facilities. Perot Development specializes in the development of air cargo and warehouse/distribution facilities at major airports in the U.S. Major developments include Logistics Centers I-V and 6-11, Aviall headquarters, Dallas Airmotive Aircraft Engine Repair & Test Facility, Schenker Logistics/BAX Global logistics facility and Life Science Logistics distribution center, all at DFW International Airport, and the UPS regional gateway hub at Houston Intercontinental Airport. For more information, visit www.perotdevelopment.com.