DALLAS (September 14, 2017) – Cabot Properties, Inc., a private equity real estate investment firm located in Boston, and Stream Realty Partners (Stream) – a national real estate development, services and investment firm, are pleased to announce the groundbreaking of International Logistics Center (ILC).
Situated on 40 acres, ILC is a 646,796-square-foot, three-building, speculative industrial development ideally located on the south side of Dallas/Fort Worth International Airport.
The 118,634-square-foot, rear-loading Building A, the 203,476-square-foot, front-load Building B and the 324,686-square-foot, cross-dock Building C, can accommodate a variety of tenants’ requirements. The site also features dual access points to State Highway 360 and State Highway 183, both of which connect the project to major north-south and east-west thoroughfares, and is in equal proximity to the central business districts of Dallas and Fort Worth.
“We are thrilled to break ground on this new project,” said Damian Bailey, Senior Vice President of Investments, Cabot Properties. “ILC is an exceptional industrial asset not only in one of the most in-demand markets in the country, but in one of the most sought after locations within the DFW metroplex.”
ILC provides an economic benefit due to ground lease payments in lieu of real estate taxes resulting in operating expense savings of up to 25% relative to other competitive buildings in the market. In addition to real estate tax savings, ILC is in Foreign Trade Zone #39, and has the benefit of a Triple Freeport Exemption, which provides substantial inventory and business personal property tax savings.
Cannon Green and Blake Kendrick, Co-Managing Directors and Partners of Stream’s Dallas Industrial team, will oversee the leasing and management of the project. “ILC is uniquely situated between the DFW Airport and Great Southwest industrial submarkets which are two of the most dynamic and robust markets within Dallas/Fort Worth,” said Kendrick. “We are excited to be able to assist Cabot on this development in an effort to grow their portfolio across North Texas.”
The Dallas/Fort Worth industrial market continues to show strong signs of growth, ranking as the 5th largest in the United States, with approximately 766 million square feet of building space. The market also benefits from a central location, a growing population base, a pro-business mindset, access to a plentiful labor pool, and outstanding transportation infrastructure.
DFW is supported by a diversified economy, which has sustained strong job growth over the past four years. Texas cities rank highly nationally, with Fort Worth and Dallas ranking 4th and 8th, respectively, for the cities with the best job growth in the country.