$3B industrial deal includes Dallas warehouses
Among the 14M sf portfolio Prologis is buying from Blackstone are warehouses in DFW
A national multi-billion dollar real estate transaction will see several Dallas-area industrial properties switch hands.
Prologis, the world’s largest industrial property company and a big player in North Texas, agreed in June to buy a portfolio of nearly 14 million square feet of industrial space from Blackstone for $3.1 billion. The cash purchase, announced last month, specifically mentioned that some buildings in the deal were located in the Dallas area but without specifics.
County deed records, however, identify a number of the specific buildings located in the deal, the Dallas Morning News reported. Dallas properties include a 266,000-square-foot warehouse in Grand Prairie, a 200,000-square-foot warehouse on Marquis Drive in Garland and an industrial complex on Clifford Drive in Northwest Dallas, the outlet said.
Records show that Blackstone acquired some of the Dallas properties as part-of a 2019 purchase brom Colony Industrial. The new acquisitions only add to Prologis’ extensive industrial footprint in DFW which includes over 250 warehouse buildings.
San Francisco-based Prologis owns more than 1.2 billion square feet of industrial space across the globe. Last year, it made one of the most significant industrial acquisitions in recent memory, acquiring Duke Realty in a deal ultimately valued at $23 billion, making it the largest commercial property deal since the pandemic began.
Blackstone, the largest commercial real estate firm in the world, still holds a global industrial portfolio valued at $175 billion with no plans to stop investing in the sector.
The DFW industrial market has seen record breaking construction and rent increases in the past few years. The Metroplex leads the nation in industrial construction, with over 70 million square feet in the pipeline, according to JLL.
While only 5.5 percent of DFW industrial space was vacant as of March, that number could be on the rise. About 14 million square feet of industrial construction was completed in this year’s first quarter with only 4.6 million square feet of net leasing activity reported, according to a Cushman and Wakefield report. —Erick Pirayesh