NEWPORT BEACH, Calif. and DALLAS, June 21, 2018 (GLOBE NEWSWIRE) — Construction has commenced on Oakdale Logistics Center, a 401,577-square-foot warehouse and distribution building in the Dallas suburb of Grand Prairie, Texas, following the 2017 acquisition of the underlying 24-acre parcel by CT and its affiliate Port Logistics Realty.
Oakdale Logistics Center will be a state-of-the-art cross dock distribution facility with a 32-foot clear height, 520 feet of building depth and ample loading capacity that includes 75 dock-high doors and four grade-level doors, accessible via 185-foot deep truck courts.
The project is in the Great Southwest industrial submarket, one of the largest in the DFW Metroplex with an inventory of approximately 102 million square feet and strong demand fundamentals as measured by a five percent vacancy rate in the bulk distribution segment. The submarket is south of DFW Airport and is served by I-30, the primary east-west route through the DFW Metroplex and regionally.
“We are excited to have found such an ideal site for the development of this Class A distribution facility in the absolute heart of Metroplex, where land availability has become so scarce,” said Rob Huthnance, president of Dallas-based Port Logistics Realty (PLR). “The Great Southwest submarket has long been in high demand and experienced net absorption of 4 million square feet in 2017,” added Huthnance.
The project marks the third DFW Metroplex development between Newport Beach, California-based CT and PLR. The companies completed an industrial building in Grand Prairie in 2017 and are in development with venture partner Diamond Realty Investments, a wholly-owned subsidiary of Mitsubishi Corporation on the 9 million-square-foot Southport Logistics Park in Wilmer, Texas, just south of Dallas.
“The primary focus of CT’s growth strategy is to develop, own and manage a portfolio of logistics projects in high demand Tier 1 markets nationwide,” said James “Watty” Watson, managing partner with CT.
CT most recently announced the development of 1.34 million square feet of large scale distribution buildings at Interchange 55 Logistics Park in the greater Chicago area, and is also in development on major logistics centers in Northern California, Atlanta, Georgia and New Jersey. The company’s current land holdings support the development of as much as 15 million square feet of industrial buildings over the next five to seven years, and CT is actively seeking additional land holdings in 2018 for further expansion.
Since its establishment in 1994, Newport Beach, Calif.-based CT has completed more than 300 transactions valued at more than $3 billion. CT’s primary focus is Class A industrial logistics development throughout the U.S. CT has active developments in Northern and Southern California, Arizona, Dallas, Texas, Atlanta, Georgia, New Jersey and Illinois, with expansion plans into additional Tier 1 markets in 2018. ctrinvestors.com
About Port Logistics Realty
Port Logistics Realty (PLR) is a full-service industrial real estate development company focused on institutional-quality industrial properties throughout the United States. Headquartered in Dallas, PLR has specific expertise in developing speculative and build-to-suit Class A logistics and e-commerce facilities in Tier 1 industrial markets with major port and logistics infrastructure. portlogisticsrealty.com
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/5c8cbb9d-af24-46d5-890a-41d08ab0e055