A sprawling, newly built distribution center with more than a million square feet of space has sold in Southern Dallas.
The DalParc Logistics Center at 3199 Telephone Road was completed by developer VanTrust Real Estate in 2021, and purchased July 19 by Property Reserve, Inc. for an undisclosed sum.
The property is located at the corner of North Dallas Avenue and Telephone Road, and features eight entrance and exit points, providing access to several major transportation links connecting to the Dallas-Fort Worth metroplex. The property is also fully leased to a single tenant, which the Dallas Morning News report is Amazon.
The DalParc transaction was brokered by CBRE’s Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber.
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The Dallas area has seen a steady increase in demand for distribution and logistics space over the years, with the second quarter of 2022 marking nearly 12 consecutive years of positive net absorption, according to CBRE’s most recent Dallas Fort-Worth Industrial MarketView.
Southern Dallas, where DalParc is located, has a 7.4 percent vacancy rate and about 7.8 million square feet of industrial space delivered by developers so far in 2022. Over 17 million square feet of space is currently under construction as well.
The North Texas industrial market overall has a vacancy of only 5.1 percent.
“DFW remains a preferred destination for industrial capital as demand and rental rates continue to grow,” said Jonathan Bryan, executive vice president with CBRE.
Just last month, a 10-acre Class A industrial park was announced for Irving by Houston’s Archway Properties. Developing on Royal 114 near the Dallas-Fort Worth International Airport on State Highway 114 and West Royal Lane, it will cover 429,027 square feet and feature four buildings ranging from 6,261 square feet to 155,050 square feet.