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The Real Deal

June 11, 2024

Leon Capital’s industrial arm has made its first sale. The Dallas-based industrial developer sold Airport Corporate Center to New Dimension Investments I, an entity affiliated with Coppell-based Southwest Sales, according to deed records. CBRE’s Steve Trese and Wilson Brown represented Leon. Lee & Associates Chris Hillman and Adam Graham represented the buyer.

Airport Corporate Center is a 60,400-square-foot warehouse at 4310 North Belt Line Road in the DFW suburb of Irving. Leon delivered the warehouse in 2023. It is currently vacant.

New Dimension Investments financed the purchase with a $6.7 million mortgage from Bank of the West, which is headquartered in the DFW suburb of Grapevine. The loan amount comes to $111 per square foot. The property was valued at $12 million in 2024, according to appraisal district records.

The property is located just east of DFW Airport, about 20 miles northwest of downtown Dallas. The warehouse’s location provides easy access to state highways 161 and 114. Irving has emerged as a hot submarket for industrial real estate. Global distribution centers make up over  6 million square feet  of space in the city. 

North Texas is one of the fastest-growing industrial markets in the country. At the end of 2023, the region had nearly 40 million square feet of industrial space under construction. Demand, however, has started to cool, and the asset class’ sublease market is growing. It reached 14 million square feet at the end of last year. 

Leon Capital Group is a family holding company that oversees $10 billion of private capital. Leon Industrial will deliver two additional assets this summer: a 194,000-square foot project in Mesquite and a 150,000-square foot project in Garland. The firm has another 560,000 square feet of industrial space under construction; these four projects are expected to be completed next year.