DFW Airport business park sells to real estate trust

A four-building business park at DFW International Airport is the latest big North Texas industrial property to change hands.

The Trammell Crow at Passport Park project contains more than 2 million square feet of warehouse and distribution space on Rental Car Drive north of Airport Freeway in Irving.

The buildings are 97% leased and were acquired by a real estate investment trust. County records show the new owner is an affiliate of California-based Realty Income Corp.

“Passport Park brings the total to 34 buildings Trammell Crow Co. has developed on DFW Airport property,” Jake Marks, principal with project developer Trammell Crow’s Dallas-Fort Worth office, said in a prepared statement. “As has always been the case, the DFW Airport team has been a great partner in delivering a first-class business park.”

CBRE’s Ryan Thornton, Randy Baird, Jonathan Bryan and Eliza Bachhuber brokered the sale.

The Passport Park development is at the south end of DFW Airport and has been under construction since 2018. Almost 9 million square feet of space has been built in the area.

Dallas-Fort Worth is the country’s top industrial building market, with more than 30 million square feet of projects under construction.