A multibillion-dollar national real estate deal will see several Dallas-area industrial properties change hands.
Prologis, the world’s largest industrial real estate company and a major player in North Texas, agreed in June to buy a portfolio of nearly 14 million square feet of industrial space from Blackstone for $3.1 billion. The cash purchase announced last month specifically mentioned that some of the buildings in the deal were in the Dallas area, but did not specify.
However, the Dallas Morning News said county deed records identified some specific buildings in the deal report. The Dallas properties include a 266,000-square-foot warehouse in Grand Prairie, a 200,000-square-foot warehouse on Marquis Drive in Garland and an industrial complex on Clifford Avenue in northwest Dallas, the outlet said.
Blackstone acquired some of the Dallas assets as part of its 2019 acquisition of Colony Industrial, records show. The new acquisition will only add to Prologis’ extensive industrial footprint in DFW, which includes more than 250 warehouse buildings.
San Francisco-based Prologis has more than 1.2 billion square feet of industrial space worldwide. Last year, the company made one of the most significant industrial acquisitions in recent years, buying Duke Realty for an eventual value of $23 billion, the largest commercial real estate deal since the pandemic hit.
Blackstone, the world’s largest commercial real estate firm, still holds a $175 billion global industrial portfolio and has no plans to stop investing in the sector.
The past few years have seen record building and rental growth in the DFW industrial market. According to JLL, Metroplex is a national leader in industrial construction with more than 70 million square feet under construction.
Although only 5.5 percent of DFW industrial space was vacant as of March, that number may be rising. According to a report by Cushman and Wakefield, about 14 million square feet of industrial construction was completed in the first quarter of this year, but net leasing activity was only 4.6 million square feet. — Eric Pilayesh
