Langford Property Co. and Flaherty Development will launch construction in summer 2017 on a two-building, 800,000-square-foot distribution center on Jupiter Road in Garland, TX. Delivery is scheduled for 2018.
The site formerly housed Raytheon, which was also one of the sellers of the 70-acre property. The other seller, Lexington Realty Trust, was represented by Younger Partners’ Carter Crow, Byron McCoy and Trae Anderson. JLL’s Craig Phelps and Brad Selner were on hand as Raytheon’s representative. The sales price was undisclosed. Lexington Realty had acquired its part of the site in 2008 for $64.8 million.
The asset currently holds eight buildings, and the construction process will require asbestos abatement before the buildings can be demolished, a process that is currently underway. “Land is becoming more valuable than the improvements,” said Langford Property’s Eric Langford. “Even after remediation and demolition, these close-in, urban sites are becoming few and far between in the Dallas area.”
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