Dallas-based Crow Holdings Capital-Real Estate (CHC-RE) says it will develop a new industrial park south of Dallas. The park, to be called I-35 Logistics Crossing, will consist of two buildings located at the crossing of Interstate 35 and Interstate 20—more specifically, at the northwest corner of Houston School and Wintergreen roads in Lancaster. The buildings are being developed on a speculative basis and will include 610,806 square feet each.
“CHC-RE is very bullish on the DFW market, especially Dallas’ southern secto,r because of strong industrial absorption levels in the region reinforced by continued population growth” said Ben Doherty, head of industrial and self-storage investment strategies for Crow Holdings Capital-Real Estate. He added that the company was “pleased with the results” of its Mountain Creek project and is welcoming the opportunity to continue developing in the southern Dallas market.
“We believe our building sizes will serve the market well, because other new developments have focused on different-sized products,” Doherty said. “That’s why we are moving forward on a speculative basis and developing both buildings at the same time.”
Kurt Griffin and Nathan Orbin of Cushman & Wakefield will lease the building on behalf of CHC-RE. Orbin said that South Dallas is currently seeing a demand for deals sized over 600,000 square feet. According to Cushman & Wakefield, 5.4 million square feet of industrial space was absorbed in DFW in the first quarter. The I-35 Logistics Crossing cross-dock facilities will feature 36-foot clear heights, 185-foot truck courts and plenty of trailer storage. Construction will begin this month and is scheduled to be completed in the first quarter of 2018.
“I-35 Logistics Crossing will provide users direct access to the DFW region, UP Intermodal, and FedEx Ground facility, as well as other major Texas markets such as Austin and San Antonio,” Griffin said in a statement. “The city of Lancaster is a great place to do business and has a history of supporting industrial tenants through economic incentives, including property tax abatements. That will help make I-35 Logistics Crossing very competitive from an occupancy cost standpoint.”