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1600 N Polk St DeSoto, TX 7...

JT Logistics Signs 5-Year Lease At Centre Point 20/35 In Desoto, TX With Growe Real Estate Partners
LEASEDIndustrial

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

Mike Darling

Broker

$2.7M

vol

2 deals

Broker
G
GLPLandlord

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