JLL Capital Markets closed the sale of Star Commerce Center IIIB in Frisco, Texas
News release
12 December 2022
Lincoln Property Company acquires North Dallas industrial warehouse
DALLAS, Dec. 12, 2022 – JLL Capital Markets announced today that it has closed the sale of Star Commerce Center IIIB, a Class A industrial warehouse totaling 177,510 square feet in the North Dallas Suburb of Frisco, Texas.
JLL represented the seller, Blue Star Land, in the sale to Lincoln Property Company.
Star Commerce Center IIIB, which was completed earlier this year, is fully leased to a diverse group of tenants, including Shield AI Inc. and Stryve Foods, LLC. The rear-load warehouse offers 32’ clear heights, 41 dock-high doors, three drive-in doors, a 210’ truck court, 210 parking spaces and 27.6% office finish.
Positioned on 10.52 acres at 16240 Gateway Path within the Northeast Dallas submarket, Star Commerce Center IIIB provides exceptional north-south and east-west accessibility, connecting the property to Dallas-Fort Worth’s fastest-growing population centers as well as regional access to the Texas Triangle, the area between Dallas-Fort Worth, Houston, San Antonio and Austin. This area makes up the seventh-largest mega-region in North America and ranks amount the world’s 15 largest economies. Furthermore, over the next 40 years, the region’s population is expected to grow by more than 65%.
According to JLL’s Dallas-Fort Worth Industrial Insight Q3 2022, the region’s demand for space has the Dallas-Fort Worth industrial market leading the nation in construction activity. Deliveries and kick-offs kept construction activity over 60 million square feet for the second consecutive quarter and led the nation in construction for the fourth consecutive quarter. Even after a record-setting year in 2021, year-to-date leasing activity was 2.3% higher than the same time last year with nearly 38 million square feet accounted for through the third quarter.
The JLL Capital Markets Investment Advisory team representing the seller was led by Senior Managing Directors Dustin Volz and Stephen Bailey, Directors Dom Espinosa and Zach Riebe and Analyst Matthew Barge.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, they expanded our line of products and services to include commercial real estate. Their international reputation for successful management of their own properties quickly attracted a large client base of owners and investors who recognized the value that they could provide in development, property management, brokerage, investing, advisory, construction management, engineering and all real estate consulting services.