Tuesday, June 09, 2015
VanTrust Real Estate will build industrial park in southern Dallas County
VanTrust Real Estate – the developer doing the big Frisco Station project, which adjoins the new Dallas Cowboys headquarters – has purchased land in southern Dallas County for a major development.
The developer plans to build a 2.5 million square-foot industrial complex on the prime property, which was previously part of the Ridge Logistics Center.VanTrust bought 150 acres on Dallas Avenue just south of Interstate 20.
“We have been looking at a number of opportunities down there,” said VanTrust executive vice president Ran Holman. “Being between I-35 and I-45 gives us tremendous reach for distribution.”
VanTrust plans to break ground soon on project, which will be located in the cities of Dallas and Lancaster.
“We will break ground on two speculative industrial buildings,” said Geoff Meyer, VanTrust’s senior director of development.
“The first will be 900,000 square feet and a second will be 150,000 square feet.”
The project will be VanTrust’s first industrial deal in the Dallas area.
“Our firm has two and a half to three million square feet of industrial development underway in other markets,” Meyer said.
Late last year VanTrust announced the $1 billion Frisco Station project on the Dallas North Tollway. The almost 250-acre project wraps around the Dallas Cowboy’s new headquarters and retail complex under construction at the tollway and Warren Parkway.
VanTrust is partnering with Hillwood Properties and the Rudman family to build the mixed-use development.
The Van Tuyl family’s VanTrust Real Estate is also building office space in the Craig Ranch development in McKinney.
Holman said the developer plans to get into other types of projects in North Texas.
“Two of the major markets we want to be in are office and industrial,” he said. “In Dallas having strong position in both those sectors is essential.”
VanTrust bought the Dallas Avenue development site from Chicago-based Ridge Property Trust. Terms of the sale were not disclosed.
The land is adjacent to where cosmetics firm L’Oreal built its 500,000 square-foot regional distribution center.