MetLife and Developer Panattoni Team up on Big Lancaster Industrial Park
Thursday, December 10th 2015
DALLAS, TX – Metropolitan Life Insurance and Panattoni Development Co. are teaming up to build a 250-acre industrial park in Lancaster.
The MidPoint Logistics Center is being built at Interstate 20 and Dallas Avenue and will have almost 4 million square feet of warehouse space.
“MidPoint Logistics Center is ideally located at the exchange of three major freeways, just off I-20 between I-35 and I-45, and it provides a strategic logistical advantage to distribution users wanting to service local, national and international markets,” said commercial real estate firm JLL Executive vice president Kurt Griffin.
JLL is marketing the new development to tenants.
Four buildings in the project will range from 340,200 square feet to 1.6 million square feet.
MetLife Real Estate Investors and California-based Panattoni have partnered on deals before, with 14 projects together.
“Our goal is to develop first-class assets for the industrial community that are not only relevant to today’s logistics trends, but will continue to meet future demands,” Panattoni Development Partner Rob Riner said in a statement. “At this point we’ve truly refined our programmatic investment strategy to ensure that our joint ventures are successful from day one.”
Along with Griffin, JLL’s Terry Darrow and Nathan Orbin are marketing the development. Panattoni has done multiple projects in the Dallas-Fort Worth area.
The company has been in business since 1986 and has 24 offices in the United States, Canada and Europe.
Panattoni’s new Lancaster development is being built in North Texas’ fastest growing warehouse market along I-20 and I-45. Companies including Quaker Foods, BMW, Procter & Gamble and Ace Hardware have recently opened new distribution centers in that area.