FORT WORTH – (Realty News Report) – Clarion Partners and Crow Holdings Capital, in partnership with Rob Riner Companies, have acquired 556 acres to develop a major industrial park in Fort Worth totaling seven million square feet.
The master-planned business park, named Carter Park East, will be built in multiple phases and will include both speculative buildings and built-to-suit facilities.
Site work at Carter Park East is scheduled to begin this month. The first speculative phase, which includes improvements to Oak Grove Road, is expected to be delivered next summer.
“For such a large site, it is very much infill,” said Andy Lowe, Managing Director at Clarion Partners, a New York-based firm. “Carter Park East’s location will provide tenants with access to workforce, amenities, and modern distribution facilities that historically have not been available in south Fort Worth.”
Seth Koschak, Forrest Cook, and Jeff Rein with Stream Realty Partners, a national real estate services, development, and investment firm, have been selected as the leasing team for the industrial park in Fort Worth.
Koschak, Managing Director and Partner of Stream’s Fort Worth office, added, “This development will be a true destination hub for tenants and will offer different amenities and options compared with other projects on the market. With a blank slate to work from, we can accommodate unique tenant needs or custom requirements that aren’t typically available in speculative buildings, and we can move quickly to deliver them.”
Industrial construction has been robust in recent years as traditional retail formats have ceded market share. The shift toward e-commerce accelerated during the coronavirus pandemic when many stores temporarily closed. Major retailers and logistics companies have been building large distribution facilities to meet growing demand for fulfillment and delivery, driving increased need for modern warehouse and distribution space.
“Across the country, we continue to see strong demand for industrial space, particularly in high-growth markets like Dallas–Fort Worth,” said Matt Colter, Managing Director of Industrial at Crow Holdings Capital.
July 9, 2020 Realty News Report Copyright 2020
