New York-based global real estate firm GTIS Partners has acquired a 17-acre land site to develop a 272,000-square-foot industrial warehouse in the Dallas-Fort Worth International Airport submarket.
GTIS manages $4.5 billion in gross assets with a U.S. focus on residential and industrial/logistics investments.
“We’re excited to announce the acquisition of this property in the highly desirable DFW Airport submarket,” Robert McCall, partner and head of U.S. Industrial and Brazil Acquisitions at GTIS, said in a statement. “This project represents a unique opportunity for us to develop a Class A industrial warehouse space in a prime location. We look forward to adding the development to our growing portfolio of industrial assets across Texas and throughout the U.S.”
The company said its location is one of the last remaining developable sites in the DFW Airport submarket and provides strategic access to State Highway 121, Interstate 635, State Highway 114, and Interstate 35.
The DFW Airport submarket serves as the center of the DFW industrial market allowing for distribution to multiple parts of the DFW metroplex and proximity to rooftops and key labor hubs, the company said.
Aiming to pull from a ‘strong, diverse labor pool’
“Acquiring this site in the DFW Airport submarket will allow our future tenants to pull from a strong, diverse labor pool given its central location and connectivity to Highway 121 and I-635,” Gaurav Sahay, managing director of Industrial and Logistics at GTIS, said in a statement. “This is a strategic investment for our U.S. industrial portfolio and is consistent with our desire to invest in submarkets that continue to show strong demand and have high barriers to entry. We look forward to commencing construction early next year.”
Construction of the new industrial warehouse is expected to start in March, the company said.
GTIS said the acquisition further demonstrates the expansion of its industrial portfolio across the U.S.
In May, GTIS announced the acquisition of a 26-acre land site to develop a 484,000 SF industrial project in the Houston area.
GTIS said its industrial portfolio recently reached $1 billion with the acquisition and leasing of two industrial warehouse properties in Nashville and Charlotte.
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