Challenges are Overcome to Execute Industrial Vision
Phase one delivery of four buildings began in November 2017, and the vision for Park 20/360 developed into a much-needed addition to the 100 million-square-foot Great Southwest industrial district.
ARLINGTON, TX—In an example of development filling an obvious void in industrial demand, Park 20/360 has made history in more ways than one. The 1.6 million-square-foot industrial park on a 119-acre campus is located at 4101 Research Blvd. at the northwest corner of Interstate 20 and State Highway 360, inside a Triple Freeport Tax Exemption zone. Recently, Tellworks Communications signed a new super-lease for 722,733 square feet of industrial space, fully occupying building one at Park 20/360.
“Tellworks operates facilities in 42 states, but the new warehouse in Arlington is our first super hub,” said Christo Makrides, Tellworks managing partner.
Transwestern principal John Brewer and vice president Joe Rudd represented the landlord, a partnership between Ridge, the industrial arm of Transwestern Development Co., and Invesco Real Estate, a global real estate investment manager, in the transaction. CBRE senior vice president Ryan Keiser represented the tenant.
“The vision for Park 20/360 has developed into a much-needed, state-of-the-art addition to the 100 million-square-foot Great Southwest industrial district,” said Rudd. “It is extremely rewarding to see what was a dream 3½ years ago become a reality.”
Delivery of the four buildings in phase one at Park 20/360 began in November 2017 and finalized in January 2018, with leases already signed for 71% of its 1.26 million square feet. Phase two construction is imminent and will provide an additional 360,000 square feet across four buildings.
“Park 20/360 was conceived in late 2014 as a 119-acre redevelopment opportunity in the midst of a recovering DFW industrial real estate market and specifically, the Great Southwest Industrial District,” Rudd tells GlobeSt.com. “We had to overcome some challenges to execute our vision, including relocating an existing natural gas pipeline and demolishing a former existing Johnson and Johnson/Surgikos plant. Looking back, I do not think that there has been a greater reward relative to risk for a DFW industrial development project in the past four years.”
The property is approximately 11 miles south of the Dallas-Fort Worth International Airport and is in close proximity to the Arlington Highlands Lifestyle Center, AT&T Stadium and Globe Life Park.
“Park 20/360’s location in the Great Southwest submarket is highly desired due to its central location in the metroplex, its proximity to Dallas/Fort Worth International Airport and its outstanding highway infrastructure,” said Brewer. “This submarket has led DFW in industrial absorption and new construction in this historic real estate cycle.”
Other recent lease transactions at Park 20/360 include Baker Distributing Co., a wholesale HVAC supplier, leasing 83,634 square feet in building five. Jordan Christensen, principal at Tenant Real Estate Advisors, represented Baker in the transaction.
OmniSource Inc., a regional wholesale tire distributor, leased 71,534 square feet in building three. Mark Scott of Foundry Commercial and Barrett Bufkin of esrp represented OmniSource.
Summit Midstream Partners, an energy infrastructure company, leased 23,609 square feet in building four in a direct transaction with Ridge.