IRVING, TX—A $40 million capital raise has been completed for the first phase of the DFW Commerce Center, a 1-million-square-foot class-A industrial development located on Dallas/Fort Worth International Airport (DFW Airport) land. The land is subject to a 40-year ground lease.
Once completed, DFW Commerce Center will comprise four buildings totaling 2.8 million square feet. Phase I's cross dock distribution and warehouse building will have 40-foot clear heights and 184 dock doors. It will be designed for light to heavy distribution, with significant overflow parking to accommodate e-commerce users.
Phase I will be situated at the intersection of West Walnut Hill Lane and East Airfield Drive on 57.83 acres. The property, which is just south of the main airport taxiway, is equidistant between the BNSF and the UP Intermodal Facilities, less than 2 miles north of West Airport Freeway and 1 mile west of Texas 161, which provides immediate access to Interstate 635 as well as State Highways 360 and 115.
The Holliday Fenoglio Fowler LP team worked on behalf of the developer, Copeland Commercial LLC, to arrange the joint venture equity. The financing team included executive managing director Joe Thornton Jr., managing director Adam Herrin and director Stephen Bailey.
“The DFW market continues to lead the US in terms of job growth and population growth,” Herrin tells GlobeSt.com. “The location of DFW Commerce Center in the center of this burgeoning area is a strategic reason why it was developed. Proximity to consumers is a key decision criteria for users, especially those with large space requirements that could be e-commerce or distribution related uses. The location at DFW Airport is smack in the middle of the Dallas and Fort Worth markets.”
Since 1999, Copeland Commercial has negotiated numerous joint venture structures and developments totaling 210 buildings, 41.2 million square feet and $2 billion in gross asset value.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
