Logistics Property Co. Lands 1.1 MSF Tenant
CJ Logistics America has leased Southport Logistics Park’s Building 1, a 1.1 million-square-foot warehouse in Wilmer, Texas, The three-building, 252-acre development owned by Logistics Property Co. is now fully leased.
The commitment marks an expansion for the supply chain subsidiary of South Korea-based CJ Group. The logistics firm also has a warehouse at 1501 Southport Parkway in Wilmer, less than 2 miles from the new location.
JLL’s Rob Wheeler, Trevor Ragsdale, Melissa Holland and JM Priddy of JLL represented the tenant. Kacy Jones and John Hendricks of CBRE, together with Max Mueller, Daniel Davidson, Jonathan Snow and J.C. Hay of LogiPropCo, negotiated on behalf of the owner.
A South Dallas industrial campus
Located in the South Dallas submarket, Southport Logistics Park is 1 mile east of Interstate 45, 5 miles south of Interstate 20 and across from the Union Pacific Dallas Intermodal Terminal. Downtown Dallas is some 15 miles away.
Building 1 is a cross-dock facility with a 36-foot clear height, 200 dock doors, 376 car stalls, 306 trailer stalls, 60-foot staging area, 570-foot building depth, 54-foot by 50-foot column spacing and an ESFR fire suppression system.
LogiPropCo signed Nike as a tenant for the 1 million-square-foot Building 3 in January 2023 and there is still a build-to-suit opportunity for a facility of up to 935,000 square feet. When complete, Southport Logistics Park will encompass more than 3.6 million square feet, according to CBRE.
Growing industrial portfolio
Chicago-based LogiPropCo focuses on the acquisition, development and management of logistics properties in key North American markets. Its portfolio comprises 57 buildings totaling 23.9 million square feet, with an estimated value of more than $4.1 billion.
The firm has made other investments in Texas, including its first foray into Austin this summer. The company broke ground on a two-building, 408,160-square-foot development in July, with delivery expected in the second quarter of 2025.
A month earlier, LogiPropCo signed a full-building, 550,000-square-foot lease with DW Distribution for its Southern Star Logistics Park in Midlothian, Texas. The agreement also included 25 acres of adjacent outdoor storage land, as well as dual-rail service.
Elsewhere in the U.S., the firm completed its first industrial development in metro Phoenix. The 615,000-square-foot speculative campus in Mesa, Ariz., has facilities ranging from 93,000 to 290,000 square feet.
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