JT Logistics Signs 5-Year Lease At Centre Point 20/35 In Desoto, TX With Growe Real Estate Partners
1600 N Polk St DeSoto, TX 75115, USA
Building Size
351,000 SF
Asset Type
Industrial
Closing
Jun 30, 2023
AI
The industrial property located at 1600 North Polk Street in Desoto, TX has been leased. The property spans an area of 351,000 square feet and is owned by GLP. The tenant, JT Logistics, has secured a 5-year lease at the Centre Point 20/35 building.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: Not specified
- Date: 06/30/2023
- Address: 1600 North Polk Street
- Market: Desoto, TX
- Landlord: GLP
- Tenant: JT Logistics
- Tenant's Representative: Mike Darling & Jett Jones - Growe Real Estate Partners
- Lease Term: 5 years
Mike Darling and Jett Jones from Growe Real Estate Partners represented JT Logistics in this deal. The lease agreement allows JT Logistics to establish a presence in a new market, while also enabling Daiso to expand their operations within the building over the term. Notably, Daiso will fulfill all their DFW locations from this site.
Players
Texas Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93