A California logistics developer that’s backed by one of the world’s largest industrial property firms is working on a new business park in Cedar Hill southwest of Dallas.
Santa Monica-based Modlo Inc. is supported by GLP Capital Partners, which owns $120 billion in warehouse and logistics assets in 17 countries. GLP was found in 2009 as an owner and operator of logistics properties in Japan and China.
Last summer, GLP closed a $2.3 billion fund to invest in U.S. industrial real estate.
Modlo — short for Modern Logistics — has industrial properties in more than a dozen states. And the property firm has three buildings in Houston. It intends to start construction early this year on its first North Texas project, a two-building industrial park in Cedar Hill.
The Cedar Hill Logistics Center will have almost a half million square feet of distribution space, according to planning documents filed with the state. The first building will be ready at the end of 2022.
The business park on U.S. Highway 67 will cost more than $30 million.
The Modlo project is the second big industrial development recently targeted at Cedar Hill.
In June, developer Hillwood, which is best known for its development of the huge AllianceTexas warehouse and distribution hub in North Fort Worth, announced plans for a 180-acre industrial park on U.S. 67. The project, called High Point 67, will include more than 2 million square feet of warehouse and distribution space in four buildings.
The first phase includes a 1.1 million-square-foot building and a 225,000-square-foot building.
Dallas-Fort Worth is the country’s fastest-growing industrial building market with more than 50 million square feet of projects under development.