Dallas-based real estate investment group Copeland Commercial LLC has landed $43.5 million in funds — $33.5 million in acquisition and development financing and another $10 million in equity — to build a new large speculative logistics hub.
The 900,043-square-foot industrial facility, called I-20 Commerce Center, is expected to get underway at 3535 N. Houston School Road in Lancaster in the near future. The facility sits in close proximity to three major interstates, as well as the Union Pacific Intermodal terminal and the FedEx ground facilities.
The development is one of a number of speculative projects throughout North Texas, with capital still becoming available for such logistics hubs.
A JLL team secured the $33.5 million in acquisition and development financing from American National Insurance Co. and raised $10 million in equity from ANICO Eagle LLC, who will be the joint venture partner in the spec project.
JLL’s Kurt Griffin and Nathan Orbin led the team on the acquisition of the land and are overseeing leasing of the project. Adam Mengacci of JLL led the team’s financing efforts.
Powers Brown Architecture is the project architect for I-20 Commerce Center.
Industrial real estate has continued to show strength in North Texas, with developers building 16.9 million square feet of speculative industrial space underway in the region. And demand for space continues as companies sign big leases for industrial space.
Last week, Coppell landed a second 1 million-square-foot Amazon.comdistribution facility, which was once a speculative construction project at 2701 W. Bethel Road.
The Seattle-based online retailer is one of a number of retailers expanding in North Texas as job growth and population booms.
Dallas Business Journal