GXO Logistics Inks 644,000-SF Industrial Lease in Fort Worth

FORT WORTH–A Connecticut-based 3PL player has signed a 644,000-square-foot lease to be the single tenant in one of two warehouses at the recently built Everman Crossroads industrial campus in Fort Worth.

The deal between GXO Logistics and landlord MDH Partners for Building Two at the complex, which was built in 2021, brings the two-building complex to full occupancy, according to a report in the Dallas Business Journal.

Building Two is situated on a 31.5-acre site at 1401 Everman Parkway. The warehouse offers 40-foot clear heights and 241 parking spaces. The building was marketed by CBRE, while Colliers worked on behalf of the tenant.

Building One, encompassing 310,000 square feet on a 31.6-acre site at 8400 Oak Grove Road is fully leased to Purina Animal Nutrition.

Everman Crossroads is adjacent to I-35W, about 10 miles south of Downtown Fort Worth. MDH owns seven industrial properties in the DFW metro.

“Dallas-Fort Worth is an extremely attractive market for logistics providers due to its unparalleled access to the growing population and strong economy across Texas,” said Drew Crawford, VP of asset management at MDH, in a statement.

Crawford said the deal with GXO is the largest lease MDH has signed to date in Texas.

In June, Atlanta-based MDH sold a 58-property industrial portfolio, encompassing 9.7M SF spread over 10 Sun Belt states, to Singapore’s sovereign wealth fund GIC for $1.26B.

MDH began acquiring the portfolio in 2019 using a $350M discretionary fund, known as MDH Partners Fund I, from university endowments and foundations. The fund acquired, developed and stabilized value-add industrial assets in target high-growth markets from Arizona to Virginia.

MDH retained a stake in the 9.7M SF portfolio as part of its deal with GIC. According to Crawford’s statement, the company has remained active this year, acquiring nearly 6M SF of industrial assets throughout the US.

Net absorption in the Dallas-Fort Worth industrial market topped 8.8M SF in the second quarter, according to a market report from JLL. Vacancies stood at 6.4%, with more than 60M SF in the construction pipeline.

Greenwich-based GXO is a tech-oriented 3PL that utilizes machine learning, data science and predictive analytics to “engineer the supply chains of tomorrow,” according to the company’s website.

Collaborative robots are deployed at GXO fulfillment centers, teamed with the human workforce in picking and packing operations.