A joint venture between Urban Logistics Realty and a private real estate equity fund advised by Crow Holdings Capital is expected to generate more than 500 jobs in Mesquite.
The newly formed Dallas-based investment firm focused on industrial acquisitions and development broke ground on the $71 million business park at the northeast intersection of I-30 and I-635.
Anticipated to be completed by the third quarter of this year, Urban District 30 will consist of a five-building, 980,000 square-foot industrial business park.
“We’re thrilled to have begun construction on this project and are grateful for the help from the city of Mesquite,” said Jason Nunley, co-founder of Urban Logistics Realty. “As one of the last remaining opportunities in East Dallas for investors to obtain urban in-fill locations with substantial scale, Urban District 30 is a great addition to the DFW industrial market.”
Adam Herrin, co-founder of Urban Logistics Realty, added that the project fits perfectly with ULR’s strategy of developing logistics-related projects within urban locations in Texas.
Mesquite Mayor Bruce Archer said the project supports the city’s focus to include more jobs and economic growth. City council member approved the project in November.
Matt Dornak, vice president of Stream Realty Partners, along with Blake Kendrick, managing partner, and Drew Feagin, senior associate, will oversee the leasing and management of the project.
“The increasing tenant demand and limited supply of functional industrial space in northeast Dallas position this development very well in the market,” Dornak said. “We are confident that the project will see fast success, proving to be a top-tier location for future tenants.”
Additional partners in the development include MYCON General Contractors and GSR Andrade Architects. Jones Lange Lasalle arranged the capital for the project, including the construction loan with Comerica Bank.