29 Sep IDI Logistics Pre-leases Under Construction Dallas Area Warehouse to thredUP
IDI Logistics Pre-leases Under Construction Dallas Area Warehouse to thredUP
thredUP to occupy nearly 600,000-square-foot facility at Interstate Commerce Center to support growing demand for secondhand apparel
(ATLANTA, GA – September 29, 2021) – IDI Logistics, a leading developer and manager of logistics real estate, has pre-leased the entire under construction 595,148 square-foot Interstate Commerce Center in Lancaster, Texas to thredUP (NASDAQ: TDUP), one of the largest online resale platforms for women’s and kids’ apparel, shoes, and accessories.
Interstate Commerce Center, located at the intersection of I-35 and I-20, will house thredUP’s largest and most automated distribution center upon completion. The new facility is IDI Logistics’ largest currently under construction in the Dallas/Fort Worth area. It is also one of 10 developments IDI plans to complete in Texas within the next 12 months.
The state-of-the-art facility is designed to be thredUP’s first four-level distribution center and upon completion will store as many as 10 million items – more than doubling the company’s total capacity to 16.5 million items across its network. thredUP plans to invest $70 million in capital for the new distribution center.
Interstate Commerce Center is uniquely situated at the intersection of two major interstates which not only aids logistics connectivity but also serves as a viable recruiting tool for thredUP’s ecommerce platform. Furthermore, the location in the metro Dallas/Fort Worth area allows easy distribution to a growing customer base across the country.
“We are very excited to have a quality partner like thredUP at this new state-of-the-art facility,” said Gaurav Sahay, Market Officer for IDI Logistics. “The excellent location, expansive space, and superior building quality made Interstate Commerce Center an ideal solution for thredUP.”
“thredUP’s newest flagship distribution center will enable us to unlock massive amounts of supply and further power the rise of resale,” said Chris Homer, co-founder and COO at thredUP. “52.6 million Americans resold apparel in 2020 and the growth opportunity ahead of us is exponential. With unprecedented item capacity and automation capabilities, thredUP is accelerating its ability to create resale experiences for our Resale-as-a-Service clients and delight our customers.”
thredUP plans to begin processing items in the new distribution center in Q2 2022 with an initial capacity of 500,000 items. The company also expects to employ 300 people at this new location upon its opening with plans to employ 2,000 people total. For more information about job opportunities in thredUP’s distribution centers, visit thredUP.com/careers.
Melissa Holland, Craig Jones, George Curry, and Jamie Galati of JLL represented thredUP in the transaction. Krista Clark Raymond and Nathan Lawrence of CBRE represented IDI Logistics.
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IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. Since 1989, IDI Logistics has developed more than 100 world-class business parks and 750 warehouses totaling over 200 million sf throughout North America.
For more information, please visit our website at www.idilogistics.com
thredUP is transforming resale with technology and a mission to inspire a new generation of consumers to think secondhand first. By making it easy to buy and sell secondhand, thredUP has become one of the world’s largest resale platforms for women’s and kids’ apparel, shoes and accessories. Our proprietary operating platform is the foundation for our managed marketplace and consists of distributed processing infrastructure, proprietary software and systems and data science expertise. In 2018, we extended our platform with Resale-as-a-ServiceⓇ (RaaSⓇ), which facilitates modern resale for a number of the world’s leading brands and retailers. thredUP has processed over 125 million unique secondhand items from 35,000 brands across 100 categories. By extending the life cycle of clothing, thredUP is changing the way consumers shop and ushering in a more sustainable future for the fashion industry.