Construction has begun on a $500 million business park in south Dallas in the city of Wilmer. Once completed, it will be one of the biggest projects along the I-45 corridor. Port Logistics along with a unit of Mitsubishi called Diamond Realty Investments teamed up to build a massive 530-acre development east of the interstate.
Known as the Southport Logistics Park, this industrial park will eventually have 9 million square feet of space. During the initial phase of development, Port Logistics and Diamond Realty will invest $22 million for infrastructure, including a 2.5-mile interior roadway system, underground electrical distribution, subsurface utilities, and a self-contained water distribution system with an elevated water tower.
As part of Phase I, Port Logistics plans to build more than 3.8 million square feet of space that includes two warehouse buildings, one at 1.1 million square feet and the other at 400,000 square feet. Construction of these two buildings is expected to be done sometime next year. When the entire park is finished, there will be nine buildings that range in size from 400,000 to 1.5 million square feet.
As stated by Rob Huthnance, president of Port Logistics Realty Development, financing has been secured and the plans are moving ahead. A few prospective tenants have already submitted proposals for moving operations to the industrial park. At this time, the primary focus is on e-commerce-type businesses currently located in North Texas.
In addition to Port Logistics Realty and Diamond Realty Investments, partners involved with the venture include CT Realty of California and Xebec Realty Partners, who will be working on development; John Hendricks and Kacy Jones with CBRE, who will handle leasing of the space; and Cornerstone Real Estate Advisors, which will provide some of the project funding.
In all of North Texas, the area where the park is being built is the busiest industrial building district that goes along both Interstate 20 and Interstate 45. In looking at the entire area, over 5 million square feet of construction specific to industrial space is currently underway.
Recently, a number of new warehouses have opened for big-name companies, such as ACE Hardware, Georgia Pacific, and Procter & Gamble. Although no names have been mentioned as to who will lease space in this new industrial park, considering its size, location, and amenities, chances are good that they too will be valuable tenants.
The Southport Logistics Park will be about 10 miles south of downtown Dallas and directly across the interstate from Dallas’ Union Pacific Intermodal Terminal that accepts over 1,000 shipping containers daily from ports in Long Beach and Los Angeles to be transported throughout the region to various distribution centers.
With Union Pacific, as well as the U.S. hub of FedEx within close proximity, this new distribution park will be in a place with critical pieces of infrastructure for global supply chain, providing a huge transportation cost advantage. Along with e-commerce companies, Port Logistics hopes to attract logistics companies.
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