CBRE IM Buys Dallas-Fort Worth Logistics Trio
A fund sponsored by CBRE Investment Management has acquired the first phase of McKinney National Business Park, a three-building, 481,000-square-foot group of Class A logistics properties in metro Dallas–Fort Worth.
The seller was the project’s developer, Transwestern Development Co., and the buyer was the CBRE Strategic Partners U.S. Value 9 fund. Newmark facilitated the transaction.
The three buildings were fully leased to five tenants at the time of sale, the roster being focused on local fulfillment distribution. The facilities feature 125 dock-high doors, ESFR sprinklers and LED lighting.
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The park’s Phase One, at 1001 Harry McKillop Blvd. in McKinney, Texas, came online in 2022, according to CommercialEdge, after ground was broken in December 2021. The 64-acre McKinney National Business Park was designed to comprise five buildings totaling 945,500 square feet and be developed in two phases east of U.S. Route 75.
“The U.S. Route 75 corridor north of McKinney is experiencing a significant uptick in semiconductor and other manufacturing activities,” Topper Sheehy, senior director of logistics transactions for CBRE IM, told Commercial Property Executive.
He added that their strategy is “to focus on areas of population growth with strong labor and consumer demographics, coupled with manufacturing tailwinds. The combination of these three factors will benefit McKinney National Business Park.”
Creeping vacancies
Industrial absorption in the Metroplex totaled nearly 6.9 million square feet in the second quarter, according to a recent report from CBRE. Deliveries in the quarter added up to almost 8.6 million square feet, and only about 12 percent of that was preleased. As a result, overall vacancy crept up by 30 basis points to 9.8 percent.
CBRE commented, “there was a significant amount of under construction starts (14.3 million square feet) most of which are not preleased.”
In late June, Logistics Property Co. landed a full-building, 550,000-square-foot tenant, a Specialty Building Products brand, at its Southern Star Logistics Park in Midlothian, Texas, near Dallas. The lease also covers 25 acres of adjoining outdoor storage. CBRE represented the ownership, while Cresa represented the tenant.
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