Industrial project consists of three buildings totaling more than 640,000 square feet
DALLAS (March 25, 2019) – Stream Realty Partners (Stream), a national real estate development, services,
ILC broke ground in September of 2017 and has since been successfully leased to seven tenants. Owned by an affiliate of Cabot Properties, the property includes a 118,634-square foot, rear-load building, a 203,476-square foot, front-load building, and a 324,686-square-foot, cross-dock building. Tenants at the property range in size from 30,000 square feet to 200,000 square feet and span a variety of industries.
“In 18 years of working in this business, I have never seen a project lease this quickly to so many tenants,” said J. Cannon Green, managing director and partner of Stream. “The outcome of this project demonstrates the success of our business plan in developing a diversified industrial product in the center of the Metroplex. We are in an extremely competitive environment for labor, and industrial locations close to the customer and employment base perform best.”
The project 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 arteries, and is in equal proximity to the central business districts of Dallas and Fort Worth.
ILC provides an economic benefit due to ground lease payments in lieu of real estate taxes which results in operating expense savings 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.
“We are thrilled to add this asset to our portfolio,” said Damian Bailey, senior vice president of investments at Cabot Properties. “ILC is an exceptional industrial project in one of the most sought-after locations in Dallas-Fort Worth. We are very fortunate to have had the opportunity to develop a best-in-class property with Stream as our partner”.
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