Archway & Ares Sign 1MSF Industrial Lease at New Dallas Park
Houston-based Archway Properties recently announced the signing of a new industrial space lease in Dallas at the I-20 Logistics Park project. The joint venture of Archway Properties and Ares Management (owners of the property) inked a lease with Careismatic Brands — a uniform maker and distributor known for its medical apparel and footwear under brands like Cherokee, Allheart, and Dickies.
The long-term lease includes the first phase of the development — a full building of more than 1 million square feet that was scheduled for delivery early this year. Located at 35550 LBJ Freeway in Dallas, the facility will serve as a shipping hub to consolidate other Careismatic warehouses across the country. From this location, Careismatic can deliver to most areas in the U.S. in three days or less.
In 2021, Archway partnered with Black Creek Group (which Ares Management has taken over since then) to acquire the rare assemblage of 165 acres of industrial-zoned land. This included 42 individual contiguous parcels from 18 distinct owners that the owners co-developed into what would be known as the I-20 Logistics Park.
The Careismatic-leased phase one building boasts 40-foot clear heights, 170 dock-high doors, four ramped doors, 274 car parking spaces, and 246 trailer parking spaces. Meanwhile, the second phase of the project is slated to deliver approximately 1.1 million square feet and include an additional 400 trailer parking spaces immediately east of the building.
According to Archway statements, the property represents the last significant industrial development opportunity in the south Dallas market that boasts direct access to Interstate 20. Moreover, the park’s strategic location near the Union Pacific Rail Intermodal Terminal, in addition to neighboring the second-largest FedEx ground facility in the country, makes it one of the best industrial development sites in the region.
What’s more, the region itself is one of the most active industrial markets in the country. According to data analysis conducted by CommercialEdge for the national industrial report published in January, the Dallas market led the nation last year in terms of new industrial space development with 31.5 million square feet of new space brought to market in 2022. The Texas powerhouse also took the top spot in terms of investment activity: Industrial sales closed here totaled roughly $8.8 million last year, which accounted for nearly 10% of the $88.3 billion in industrial transactions recorded in 2022.
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