Lincoln Property Company has added to its growing commercial portfolio in Texas with the acquisition of two Class A industrial warehouses in the growing Dallas suburb of Frisco.
JLL handled the sale of Star Commerce Center II and IIIA in Frisco to Lincoln, representing seller Blue Star Land, a Frisco-based developer owned by Jerry Jones, which is also in the process of building out his own mixed-use development in Frisco for $58 million.
The two facilities, located at 16005 Gateway Dr. and 16440 Gateway Path in the Northeast Dallas submarket, clock in at more than 244,000 total square feet and are both fully leased with a wide range of distribution tenants, according to a press release. These include GEA Food Solutions, a leading supplier of food distribution technology, and Vivint, a Utah-based smart-home and alarm system company.
The rear-load buildings were delivered between 2020 and 2022 and offer a 32-foot clear height, 34-38 dock high doors, three drive-in doors and approximately 15 percent office finish.
Lincoln’s commercial ventures in Texas have mostly been focused in Austin, such as their deal with DivcoWest to build a 48-story, 833,000-square-foot office tower in the capital city, as well as a 70-story mixed-use tower co-developed with San Antonio-based Kairoi Residential that, when completed, will be the tallest building in the entire state.
North Texas, meanwhile, is becoming one of the nation’s most popular destinations for commercial development, and is attracting many new industrial facilities.
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