One of the largest owners of warehouse and logistics spaces in the world is adding to the industrial landscape of North Texas.
San Francisco-based Prologis plans to expand its footprint in the Dallas-Fort Worth metro area with a 700,000-square-foot business park in Arlington. Off New York Avenue near Interstate 30, the project will include four warehouses that will cost more than $45 million to develop, according to the Dallas Morning News.
Construction will begin this spring with a completion targeted for early 2023.
The industrial market has exploded over the last few years into one of the hottest sectors in U.S. real estate. One side effect of the Covid-19 pandemic has been a surge in e-commerce, which has driven demand for warehouse and logistics space. In recent years, companies of all sizes and industries have also relocated or expanded operations to the Lone Star State from the high-cost coasts, which has led to more industrial projects across Texas.
The Bay Area firm already owns more than 200 warehouses with nearly 40 million square feet in the Dallas-Fort Worth metro, according to DMN. Worldwide, Prologis has about 1 billion square feet of industrial real estate.
Prologis is also adding 1.3 million square feet of warehouse space in the Mountain Creek Business Park in southwest Dallas, DMN reported.
The outlet reported that the Dallas-Fort Worth metro is the country’s fastest-growing industrial building market, and it has more than 50 million square feet under construction.
Prologis isn’t the only firm betting big on warehousing and logistics. Dallas-based Crow Holdings recently gathered enough funding to bankroll $1.5 billion in development deals across the industrial and multifamily markets. The firm recently purchased industrial properties in Dallas-Fort Worth, Atlanta, Southern California, as well as New Jersey and Pennsylvania, DMN reported.
[The Dallas Morning News] — Kathryn Hardison
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