The Dallas-Fort Worth office of Trammell Crow Company (TCC) and its JV partner CBRE Global Investors announce the signing of a 1,146,315-square-foot lease at 2600 Rental Car Drive in Irving, Texas. Uline, a leading distributor of shipping, industrial and packaging materials in North America, agreed to lease the entirety of Building 1 within the Passport Park development, a four-building, 2,019,018-square-foot industrial and office park located in the DFW Airport submarket. Uline plans to move into the cross-dock distribution center in May 2021.
“Passport Park Building 1 was designed to accommodate the demands of large bulk users, like Uline, that typically require extra land to expand operations, increase parking capabilities, or increase trailer storage,” said Principal Jake Marks for TCC’s Dallas-Fort Worth Business Unit. “We are looking forward to completing this building for Uline and to wrapping up construction on the additional three buildings at Passport Park in the next few months. This development is unique in that it appeals to a variety of tenants, ranging from large e-commerce users to those tenants that need shallow bay buildings – like Building 3 and 4 – with high dock door counts and sufficient land to accommodate high parking requirements, while delivering superior logistic capabilities in the center of the Metroplex.”
“Our continued strong growth and ever-expanding product offering has required additional space to meet our goal of no backorders and same day shipping,” said Jim Henegar, Texas Operations Manager for Uline. “Uline is always hiring and offers great benefits, so remaining close to our current location was very important to us. We did not want to lose any of our outstanding employees or increase their commute. We were able to achieve all of this at Passport Park.”
Passport Park was the first investment in CBRE U.S. Development Partners 5. In total, the fund series has made 50 development investments over the past 10 years.
“The Passport Park Uline lease is an important milestone for us,” said Jerome Nichols, Deputy Portfolio Manager for CBRE Global Inventors’ U.S. Development Partners fund series. “Our continued conviction in the development of modern space that meets the changing needs of new economy users is proving out. We are looking forward to continuing this strategy into the new cycle.”
TCC broke ground on Passport Park in December 2018 with completion expected for later this year. The development sits on more than 130 acres of ground-leased land in the DFW Airport submarket. In addition to Building 1, Passport Park includes a 709,703-square-foot cross-dock distribution center (Building 2), a 99,000-sqaure-foot rear-load facility (Building 3), and a 104,000-square-foot rear-load facility (Building 4). The lease to Uline will bring the project to 84% leased prior to delivery of the first building. Passport Park is TCC’s 34th building development at the DFW Airport.
About CBRE Global Investors
CBRE Global Investors is a global real assets investment management firm with $109.6 billion in assets under management* as of June 30, 2020. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2019 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com
*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors' presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers.
About Trammell Crow Company
Trammell Crow Company (TCC) is a global commercial real estate developer and wholly-owned subsidiary of CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas. Founded in 1948, TCC has developed or acquired nearly 2,900 buildings valued at $75 billion and over 655 million square feet. As of December 31, 2022, TCC had $16.9 billion of projects in process and $12.9 billion in its pipeline. It employs 700 professionals in 27 major cities throughout the United States and Europe. The company serves users of and investors in office, industrial/logistics, healthcare, life sciences and mixed-use projects, as well as multi-family residential through its operating subsidiary High Street Residential. For more information visit www.TrammellCrow.com.