Tuesday, January 29, 2013

Trammell Crow, partners starting D/FW Airport industrial complex

North Texas’ industrial market is taking off with more new construction.
Trammell Crow Co. and investor Clarion Partners are building three industrial buildings with almost 1 million square feet at the north end of the Dallas/Fort Worth International Airport.
Rosewood Property Co. will also be a partner in the project at Esters Road and Corporate Drive, which is scheduled to be completed in June.
The buildings will be constructed in Crow’s DFW Trade Center complex.
“We are pleased to continue our relationship with Dallas/Fort Worth International Airport,” Scott Krikorian, managing director with Crow Co.’s Dallas-Fort Worth business unit, said Monday in a statement. “We believe strongly in the North D/FW industrial market.”
Krikorian said his firm has already developed almost 6 million square feet of industrial space at its projects at D/FW Airport.
The largest of the new buildings will contain 500,000 square feet. The other two buildings will be 297,500 square feet and 202,500 square feet.
The industrial buildings are being designed to accommodate both single and multiple industrial tenants. All of the buildings have the airport’s “triple freeport” property tax exemptions for merchandise stored and shipped to the facilities.
Cadence McShane Construction Co. has been hired to build the development. GSR Andrade Architects Inc. designed the project.
Steve Trese of CBRE Group will be in charge of leasing the project.
“With the continued job creation throughout Texas, we have seen an increasing demand for large blocks of industrial space,” Trese said.
Crow is just the latest developer to jump into the North Texas industrial building race.
As vacancy levels have dropped to about 10 percent, developers are rushing to get new projects going to meet increased business demand for warehouse and distribution buildings.
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