A Denver-based property investor and developer has bought land alongside Interstate 20 in southern Dallas County for an enormous new enterprise park.
Black Creek Group plans to construct 2 million sq. toes of warehouse and distribution area in its I-20 Logistics Park.
The corporate simply acquired 165 acres for the two-building mission it’s creating with Archway Properties of Houston. Archway Properties spent two years buying the land for the economic mission from greater than a dozen house owners.
“We’ve been working with Archway Properties on this transaction for a number of months and are excited to co-develop this state-of-the-art industrial mission,” Black Creek Group senior vice chairman Mace McClatchy mentioned in an announcement. “The Dallas market has turn into one of many hottest industrial markets, as demand for high quality area stays very compelling.
“Given these sturdy fundamentals and the mission’s perfect location, alongside the I-20 Hall and shut proximity to the second largest FedEx Floor facility within the U.S., we anticipate that the mission will likely be fascinating for a lot of firms, particularly ones which will want distribution area for e-commerce-related enterprise.”
Black Creek Group has been increasing its industrial property footprint in North Texas within the final yr.
In November the actual property agency purchased virtually 36 acres on West Singleton Boulevard close to Loop 12 in Dallas for a brand new enterprise park.
And final spring the corporate purchased two warehouse buildings in Carrollton.
Black Creek Group additionally developed a enterprise park in south Fort Price.
The I-20 Logistics Park in southern Dallas will likely be constructed in two phases and is the corporate’s largest mission to this point.
Eric Hawk, associate of Archway Properties, the co-developer on this transaction, spent roughly two years assembling 42 particular person parcels with 18 completely different property house owners, creating one of many largest and most fascinating websites alongside the I-20 Hall.
The primary million-square-foot warehouse within the advanced is about to begin within the third quarter of this yr.
“We’re extremely happy to be working with Black Creek Group on the event of I-20 Logistics Park,” mentioned Eric Hawk, associate of Archway Properties. “This was a uniquely difficult alternative that most individuals available in the market seen as not being possible.”
Tom Clarke of Transwestern brokered the property purchases for Archway Properties and Ryan Thornton and Nathan Lawrence of CBRE negotiated the event settlement for the brand new enterprise park.
Black Creek now has virtually million sq. toes of business actual property in Texas. The corporate has been in enterprise for 25 years and has 70.6 million sq. toes of properties throughout the U.S.
The corporate’s I-20 Logistics Park is simply the newest in a collection of main warehouse initiatives which have kicked off in current months within the I-20 hall south of Dallas.
Dallas-Fort Price leads the nation in warehouse constructing with greater than 26 million sq. toes underneath building.
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