RPG and capital partner Stockbridge Capital Group purchase 29.5-acre parcel that will be the site of Eagle Park 20\35 distribution center
Dallas, April 29, 2015 – Ridgeline Property Group (RPG) and its capital partner Stockbridge Capital Group have purchased a 29.5-acre parcel in the South Dallas industrial submarket that will be the site of a 453,600-square-foot, state-of-the-art distribution facility. Eagle Park 20\35, named for its strategic location at the junction of Interstates 20 and 35, will be under construction in June and is scheduled to be completed in first-quarter 2016.
RPG and Stockbridge Capital Group purchased the 29.5-acre site, located within Eagle Business and Industrial Park, from Danieldale/35E No. 2 Ltd. The purchase price was not disclosed. Jones Lang LaSalle’s Executive Vice President Kurt Griffin and Senior Vice President Nathan Orbin represented the buyer and seller in the transaction and have been selected to market Eagle Park 20\35 for lease.
“With the strategic location providing immediate access to I-20 and I-35 and the facility’s state-of-the-art design features, Eagle Park 20\35 will be ideally suited to meet the requirements of modern distribution operations,” said Greg Thurman, CEO of Ridgeline Property Group. “The pace of construction activity in South Dallas has picked up significantly, and many speculative projects have enjoyed successful pre-leasing efforts. However, much of the current construction is comprised of build-to-suit projects of 650,000 square feet and higher. Eagle Park 20\35 will offer design flexibility enabling it to accommodate a single tenant or multiple tenants of 150,000 square feet and higher.”
Added JLL’s Nathan Orbin: “The South Dallas submarket, and the location of Eagle Park 20\35 in particular, offers outstanding logistical advantages. JLL is committed not only to the success of this project, but of the entire area. JLL has been very active in the South Dallas submarket and we’ve been fortunate to be involved in several high-profile transactions. We look forward to leveraging our marketing platform and relationships to lease this Class A industrial property.”
Located on Centre Park Drive, Eagle Park 20\35 will feature 32-foot clear heights, early suppression fast response (ESFR) fire sprinklers, 185-foot dual truck courts and abundant trailer storage. The 400-acre Eagle Business and Industrial Park is home to numerous high-profile tenants, including Solar Turbines (a Caterpillar company), Kohl’s, Sam’s Club/Wal-Mart Stores and Kauffman Tire. The business park also offers access to exclusive air travel from Dallas Executive Airport, located less than 10 minutes away.
“Stockbridge is excited to partner with Ridgeline Property Group and its experienced development team on this Class A distribution center located in one of the premier industrial submarkets of Dallas,” said Dan Weaver, Managing Director at Stockbridge. “The strengthening of the economy continues to heighten demand for industrial space, and Eagle Park 20\35 will provide the state-of-the-art features and amenities that distributors are seeking today.”
RPG’s ongoing projects also include Susquehanna Logistics Center, a 423,000-square-foot distribution facility in York Pa.; and McDonough Commerce Center, a 714,560-square-foot distribution facility located in the South Atlanta submarket.
About Ridgeline Property Group
Ridgeline Property Group is a commercial real estate development and investment company operating throughout the United States. Headquartered in Atlanta, the firm has a particular focus on the acquisition, development and management of high-quality industrial and office properties in strategic markets. RPG’s regional partners have more than 125 years of combined experience in the commercial real estate industry and have developed in excess of 115 million square feet of space in more than 30 states.
About Stockbridge
Stockbridge is a fully independent real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-added and opportunistic strategies. Stockbridge has approximately $9.3 billion of assets under management (as of December 31, 2014) spanning all major real estate property types, and certain specialty property types, throughout the United States.