Forney Logistics Crossing. Image courtesy of Newmark
Stillwater Capital and Grandview Partners have sold Forney Logistics Crossing, a 904,495-square-foot Class A industrial asset in Forney, Texas, to Pennsylvania-based EQT Exeter. Newmark advised the sellers on the deal. The purchase price could not immediately be learned.
Located at 11333 County Road 212, Forney Logistics Crossing is located within the Dallas-Fort Worth market. A one-story, cross-dock building, the property features 40-foot clear heights, 336 vehicle parking spots, 161 dock doors and 198 trailer parking spots that are expandable up to 154 spots. Construction on the project began in 2021, backed by a $34.9 million financing from Hancock Whitney Bank, CommercialEdge data shows. The property is fully occupied by trucking company Knight-Swift.
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Completed in early 2023, the industrial asset is situated on a 42-acre lot, providing easy access to interstates 35 East, 20 and 45. The site is located 24 miles from Garland, Texas, 25 miles from downtown Dallas and within 46 miles of Dallas-Fort Worth International Airport.
The Newmark team advising the sellers comprised Transaction Manager Caroline Wilson, Senior Managing Director Dom Espinosa, Vice Chairmen Stephen Bailey and Dustin Volz, Managing Director Zach Riebe and Associates Taylor Hare and Chloie Mercer.
Industrial-heavy metroplex
According to a recent CommercialEdge report, some $16.3 billion of industrial transactions have been registered so far in 2023, with the DFW metro leading Southern markets in terms of construction. Approximately 53.8 million square feet of space is under construction in the area, while sales volumes in the metro totaled $590 million, with properties trading at an average price of $108 per square foot.
Earlier in April, Westcore Properties added 485,000 square feet of industrial space to its Texas portfolio with the acquisition of North Quarter 35 in Fort Worth, Texas. The three-building Class A asset represented the company’s first Fort Worth asset.
