Monday, May 08, 2017

Crow Holdings to develop new 1.2M SF industrial park in southern Dallas County

Dallas-based real estate investor Crow Holdings Capital-Real Estate plans to soon begin developing a new two-building, 1.2 million-square-foot industrial park near Interstate 35 and Interstate 20 in southern Dallas County.

This is the latest of a number of new projects to get started in North Texas, which has continued to experience a robust demand for industrial and distribution space.
The new development — I-35 Logistics Crossing — will include two 610,806-square-foot cross dock facilities at the northwest corner of Houston School and Wintergreen roads in Lancaster.

Crow Holdings Capital-Real Estate is "very bullish," on the Dallas-Fort Worth market, especially in the region's southern sector because of its strong absorption levels reinforced by the continued growth of the Dallas-Fort Worth population, said Ben Doherty, the firm's head of industrial and self-storage investment strategies.

“We were pleased with the results of our Mountain Creek project, also located in south Dallas, and welcome the opportunity to continue developing in the market," Doherty said, in a statement.

“We believe our building sizes will serve the market well because other new developments have focused on different sized products," he added. "That’s why we are moving forward on a speculative basis and developing both buildings at the same time.”

The real estate investment firm has hired Kurt Griffin and Nathan Orbin of Cushman & Wakefield's Dallas office to market and lease the property.

Griffin, an executive managing director at Cushman & Wakefield, said the duo was excited to represent the development group, which has a long track record of success, on the project.

The new development will include 36-foot clear heights, 185-foot truck courts and plenty of trailer storage.

The Lancaster location will put would-be tenants within easy access to the entire Dallas-Fort Worth region, the UP Intermodal facility and the FedEx Ground facility, as well as other major Texas markets.

The city also has a history of supporting companies with economic incentives and property tax abatements, Griffin said.

In the first quarter of 2017, industrial tenants absorbed nearly 5.4 million square feet of Dallas-Fort Worth industrial space, with more than 1.5 million of that occurring in the southern portion of the region, according to Cushman & Wakefield research.

Orbin, who also recently joined Cushman & Wakefield as an executive managing director, said southern Dallas County is specifically seeing a good demand for deals at 600,000 square feet and above looking for space.

Candace Carlisle/Dallas Business Journal.