D CEO magazine presented awards in 15 categories at its third annual Commercial Real Estate Awards program, recently held at the Frontiers of Flight Museum. Here’s a look at the developments honored in the Best New Industrial Project category.
Winner: Trammell Crow Co.’s 35-Eagle
Last year was a busy one for the industrial division of Trammell Crow Co. The group completed the TCC-Penn Distribution Center, an 823,400-square-foot development along Interstate 20, and kicked off construction of JJ Lemmon Distribution Center, a two-building, 700,000-square-foot project also in South Dallas. But the real biggie was 35-Eagle, an industrial park at the intersection of Interstate 35W and Eagle Parkway in northeast Fort Worth. The development eventually will total 4.2 million square feet.
Trammell Crow acquired the 314-acre tract in December 2013 and got things started with a whopping 1.6 million square feet of speculative space. It was the largest spec development to break ground in North Texas in 2014—and the largest in Trammell Crow’s storied history.
Scott Krikorian, senior managing director and head of the Dallas-Fort Worth market, says the development’s prime location—close to Alliance Airport, in a submarket where the vacancy stands at just 5 percent—compelled the company to jump in in a big way. “The land is the best in the Alliance submarket,” he says.
Located on the site of a planned microchip fab plant for Intel, 35-Eagle was designed by Alliance Architects, with Hallf Associates Inc. overseeing engineering and Jordan Foster Construction serving as general contractor.
Krikorian says the size and location of 35-Eagle has made it both challenging and rewarding—but that’s what he loves about development. “I enjoy seeing a project in all the stages, from the very beginning to the end, and the problem-solving that is associated with it,” he says. “No development is the same and each presents its own set of challenges, rewards, contacts, and learning experience.”
Finalist: Hillwood’s Alliance Center North 2
When Hillwood saw demand increasing at its AllianceTexas development in North Fort Worth, it decided to try to get ahead of it—in a big way. Last year it opened the first phase of Alliance Center North, kicking things off with two buildings totaling more than 2 million square feet. The first was a build-to-suit for LG Electronics, which was represented by Dave Anderson of CBRE. The second spec building opened in October. Upon completion, Alliance Center North will contain more than 9 million square feet of industrial space.
Finalist: Crow Holdings’ Wildlife Commerce Park
With its first 315,000-square-foot building fully leased, Crow Holdings Industrial broke ground last year on a second facility at its Wildlife Commerce Park in Grand Prairie. Designed by O’Brien Architects, the project totals 345,000 square feet. Ultimately, the nine-building park will contain 2.8 million square feet of industrial space, with 58 acres being reserved for retail development. The busy Crow Holdings group, led by Will Mundinger III has eight other projects underway in Texas and California.