Commercial property

Invesco and Perot sell 1 MSF campus in the Dallas area

The first phase of DFW Park 161 required an investment of $120 million.

DFW Park 161. Image courtesy of Perot Development Co.

Invesco Real Estate and Perot Development Co. sold Phase I of DFW Park 161, a last-mile distribution campus in the Dallas-Fort Worth International Airport submarket in Irving, Texas. With the help of JLL Capital Marketsthe joint venture development partners sold the initial three-building phase, which totals 1 million square feet of state-of-the-art industrial space, to BentallGreenOak.

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JLL Capital Markets’ sales and investment advisory team of Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Jack Copher represented Invesco and Perot in the sale of DFW Park 161. All parties involved in the transaction remain silent on the amount of the sale. However, Invesco and Perot have invested approximately $120 million in the Phase I development, according to the Irving-Las Colinas Chamber of Commerce report on projects won for fiscal year 2020. And the full list of project tenants probably added to the value of the transaction.

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Invesco and Perot opened DFW Park in February 2020, launching the first stage of what will ultimately be a 2.4 million square foot park covering nearly 200 acres of leased land at DFW Airport. Perot originally planned to go it alone on the project, but turned to JLL Capital Markets for help securing Invesco as a financial partner in addition to securing construction financing for the speculative venture. With Peinado Construction on board as general contractor, phase I has just been completed.

Leased one hundred percent to four tenants, the newly sold Phase 1 of DFW Park 161 occupies 91 acres and consists of Logistics Centers 9, 10 and 11, which cover approximately 646,000, 157,000 and 257,000 square feet respectively. Located along State Highway 161, the Half-partners-the designed property also offers easy access to the Texas Triangle, which is the sweet spot between Dallas-Fort Worth, Houston, San Antonio and Austin home to 2.5 million residents and counting.