JLL announced that the LBA Logistics has completed the acquisition of Core45 Building 1, a recently constructed Class AA industrial facility in South Dallas. The property, located at 1401 E Pleasant Run, comprises 616,068 square feet of space.

The transaction was brokered by JLL Capital Markets. The JLL team represented the seller, an affiliate of Grandview Partners, during the sale process.

Completed in 2023, the state-of-the-art facility occupies 33.86 acres and offers a clear height of 40 feet. The building is partially occupied, with 48 per cent of the space leased to Owens Corning, an investment-grade tenant with a BBB+ credit rating.

The JLL Capital Markets team, including Senior Managing Director Trent Agnew, Senior Director Tom Weber, Director Pauli Kerr and Analyst Carson Stogner, led the brokerage.

Mr Weber noted the property’s advantageous location and high specifications. He stated: “The I-45 corridor has become a magnet for institutional capital and tenants, and Core45 Building 1 demonstrates why. The property offers best-in-class specifications at a discount to replacement cost, with investment-grade tenancy providing immediate cash flow and significant upside potential through lease-up. The property’s proximity to Interstate 45 and Interstate 20 creates unparalleled access for local and national distribution, positioning it perfectly within one of DFW’s most sought-after industrial submarkets.”

The facility features 8,180 square feet of office space, split across two suites which includes 4,090 square feet of speculative space. Operationally, it is equipped with 110 dock doors, four drive-in ramps and 188-foot truck courts. The property offers 306 car parking spaces and 151 trailer parking spaces, with an expansion capability of 71 additional spaces, and can be fully secured with fencing and a guard shack.

Core45 Building 1 is strategically located to provide immediate access to major Texas thoroughfares and national distribution networks via Interstate 45 and Interstate 20. Its position is further enhanced by being just 2.5 miles from the Union Pacific Dallas Intermodal Terminal, 21.3 miles from Dallas Love Field Airport, and 35 miles from Dallas/Fort Worth International Airport.

The acquisition provides LBA Logistics with an immediate value-add opportunity. It holds 323,388 square feet of vacant space with spec improvements ready for lease-up in a market experiencing significant tenant demand.

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers. The firm’s expertise covers investment sales and advisory, debt advisory, equity advisory, and recapitalization, delivered by over 3,000 specialists worldwide across nearly 50 countries.