PHP Capital Partners has expanded its industrial holdings near Dallas Fort Worth International Airport with the acquisition of Gateway Business Center. The property, which includes four buildings totaling 115,000 square feet of industrial and office flex space, is located at 6005 Commerce Drive, 6015 Commerce Drive, 6000 Campus Circle Drive, and 6012 Campus Circle Drive. Panther FW Investments partnered with PHP on the purchase. The sale price was not disclosed.
Gateway Business Center was built in 1981 and sits next to another recent PHP acquisition: Gateway South, a two-building industrial property at 2900 Gateway Drive with a total area of 80,000 square feet. Both properties were acquired this year.
Founded in 2021, PHP Capital Partners targets acquisitions between $3 million and $30 million across several Texas markets including Dallas-Fort Worth, San Antonio, El Paso, Houston, and Austin. In addition to the two Gateway properties near DFW Airport, PHP also purchased a 30,000-square-foot industrial site in San Antonio and Marine Creek Business Park—a 50,000-square-foot facility at 3521 NW Loop 820 in Northwest Fort Worth—this year.
Dallas-Fort Worth’s industrial real estate market continues to show resilience despite a slight increase in vacancy rates during the third quarter. According to CBRE’s latest report (https://www.cbre.com/insights/books/dallas-fort-worth-industrial-figures-q3-2024), the region marked its sixtieth consecutive quarter of positive absorption for industrial space. The third-quarter vacancy rate rose by twenty basis points to nine percent due to less than three percent of new completions being pre-leased; however, CBRE expects vacancies to decline as pre-leasing activity increased from just over eighteen percent to forty percent by the end of the quarter.
CBRE noted that manufacturing accounted for most leasing demand during this period. South Dallas and Northwest Fort Worth are currently among the most sought-after submarkets for industrial space within the region.
