Everything you wanted to know about the Urban Core, Uptown and Downtown Dallas, Texas & Dallas Ft. Worth Area Real Estate - Its growth, prosperity, setbacks and unprecedented revitalization is told here...Randall Turner of Harvard Companies, Inc 214-373-0007, 3500 Oak Lawn Avenue, Suite 325, Dallas, Texas 75219
Friday, February 06, 2015
Stream Realty to develop new 1M SF Northlake industrial park
The three-building industrial complex in Denton County will
total nearly 1 million square feet of speculative space.
Dallas-based developer Stream Realty Partners, in
partnership with Clarion Partners, has bought a 61-acre tract in Northlake in
Denton County to develop a three-building industrial campus totaling nearly 1
million square feet.
Terms of the land sale were undisclosed.
The project, called Northport 35 Business Center, will total
945,035 square feet of space catering to tenants from 14,000 square feet to up
to 650,000 square feet. The campus is located near the Union Pacific and BNSF
rail lines, Alliance Airport and the BNSF intermodal facility.
The real estate developer decided to build based on the ad
valorem tax structure that will give industrial tenants one of the lowest costs
of occupancy in North Texas, as well as the access to transportation,
saidCannon Green, managing director and partner at Stream Realty.
"This economic driver (low taxes) combined with
Northlake being directly in the path of business and population growth, the
logistics offered by the I-35W and State Highway 114 intersection, and the lack
of industrial land in more traditional interior submarkets make for an
interesting play in our opinion," Green said.
Stream Realty's Albert Jarrell will oversee the construction
of the project. Green and Bob Hagewood of Stream Realty will oversee the
leasing of the industrial property.
The timeline of the construction project was not immediately
disclosed on Tuesday morning.