North Fort Worth is on deck for the next major industrial development.
Next month, Stream Realty Partners will break ground on a 1.1 million-square-foot industrial project, which is dubbed Northwest Commerce Park.
The firm has been piecing together the deal since late 2017. Stream and an undisclosed institutional investor own the site and project as part of a joint venture.
The spec project’s square footage will be split between three buildings on a 66-acre tract in the booming North Fort Worth submarket, located near the BNSF Intermodal and the Fort Worth Alliance Airport.
“North Fort Worth and the Alliance area has proven to be a dominate industrial market within all of Dallas-Fort Worth, historically attracting some of the biggest and most recognizable users of industrial space,” said Seth Koschak, managing director of Stream’s Fort Worth office.
“We expect NCP to benefit from tenants’ desire to be in this location to serve not only North Texas but the surrounding region.”
North Fort Worth’s momentum in the industrial market is only accelerating. CBRE Research from Q4 reveals that despite 3.8 million square feet of deliveries in 2018, the market absorbed 2.4 million square feet and held its vacancy rate to 5.8 percent in Q4. North Fort Worth also booked two of largest leases last quarter with Dematic taking 707,000 square feet in Synergy Crossing and Smart Warehousing snapping up 269,500 square feet in Alliance Center North 15. The submarket’s proximity to transportation hubs has make it one of the metro’s prized submarkets, and as competition puts other submarkets out of reach, North Fort Worth is poised to receive overflow from other nearby submarkets.