Real Estate
Leon Industrial Sells 60K sf Warehouse Near DFW for $6.7M
Leon Capital sells 60,400-sf warehouse in Irving for $12M, financed with $6.7M mortgage.
Key Takeaway
- Leon Capital sold its 60,400-sf Airport Corporate Center in Irving to New Dimension Investments for $6.7 million.
- The property, valued at $12 million in 2024, is strategically located near DFW Airport with easy highway access.
- Despite cooling demand, North Texas remains a hot industrial market with nearly 40 million sf under construction by end of 2023.
Leon Capital's First Industrial Sale
Leon Capital, a Dallas-based industrial developer, has successfully completed its first sale, marking a significant milestone for the company. The property in question, Airport Corporate Center, was sold to New Dimension Investments I, an entity linked to Coppell-based Southwest Sales. This 60,400-square-foot warehouse, located at 4310 North Belt Line Road in Irving, was delivered in 2023 and is currently vacant. The sale was facilitated by CBRE’s Steve Trese and Wilson Brown, representing Leon, and Lee & Associates' Chris Hillman and Adam Graham, representing the buyer.
Financial Details and Strategic Location
The transaction was financed with a $6.7 million mortgage from Bank of the West, equating to $111 per square foot. The property, valued at $12 million in 2024, is strategically located just east of DFW Airport, providing easy access to state highways 161 and 114. This prime location is a significant factor in the property's appeal, given Irving's emergence as a hot submarket for industrial real estate, with over 6 million square feet of global distribution centers.
North Texas Industrial Market Trends
North Texas is one of the fastest-growing industrial markets in the United States, with nearly 40 million square feet of industrial space under construction at the end of 2023. However, demand has started to cool, and the sublease market has grown, reaching 14 million square feet by the end of last year. This trend is echoed in other parts of the Dallas-Fort Worth metroplex, such as the Brookhollow submarket, where properties like Proto Park, recently acquired by Bendetti, are fully leased and strategically located near major transportation hubs.
Broader Implications for Industrial Real Estate
The sale of Airport Corporate Center by Leon Capital highlights broader trends in the industrial real estate sector, particularly in high-demand areas like North Texas. The region's rapid growth and strategic location make it a focal point for industrial development, despite cooling demand and a growing sublease market. This transaction underscores the ongoing attractiveness of well-located industrial properties and the strategic moves by developers and investors to capitalize on these opportunities.
