Clarion Partners and Crow Holdings Capital (CHC), in partnership with Rob Riner Companies, are pleased to announce that they have acquired 556 acres in South Forth Worth to develop a state-of-the-art industrial and logistics park totaling approximately seven million square feet. The master-planned park, named Cater Park East, will be developed in multiple phases, including speculative and built-to-suit construction, in addition to critical road infrastructure.
“Across the country, we continue to experience resilient demand for industrial space, particularly in high-growth Dallas-Fort Worth,” said Matt Colter, Managing Director of Industrial at CHC, who will partner with Rob Riner Companies as primary developers. “This is a long-term focus for us and an incredible opportunity to partner with market leaders like Clarion and Rob Riner in a submarket where we’ve experienced some recent success.”
Initial site work at Carter Park East will commence in July 2020. The estimated delivery date for the first speculative phase of development, including improvements to Oak Grove Road, is summer 2021. The largest areas of the site will be marketed for build-to-suit users.
“The site dimensions at Carter Park East are wide enough to capture a large bulk user up to 1.8 million square feet in this coveted location. We are developing all new roads adjacent to the site for seamless access. Tenants frequently talk about the labor advantage at this location. Altogether, this project should compete well across any range of industrial users looking for space in DFW,” added Colter.
“For such a big site, it is very infill,” said Andy Lowe, Managing Director at Clarion Partners. “Carter Park East’s location will provide tenants the access, labor, amenities, and functional modern distribution product that has, historically, not been available in South Fort Worth.”
“In 2006 we developed a vision for this site. It has been many years in the making, but today, we’re excited to see this vision realized,” said Rob Riner of Rob Riner Companies. “This site is the hole in the map for bulk e-commerce, food, manufacturing, and distribution-type users that would benefit from expanding the coverage of their network with a facility in South Fort Worth.”
Seth Koschak, Forrest Cook, and Jeff Rein with Stream Realty Partners (Stream), a national real estate services, development, and investment company, have been selected as the leasing team for the project.
Koschak, Managing Director and Partner of Stream’s Fort Worth office, said, “We are thrilled to be part of Carter Park East. It will serve as a true destination hub for tenants and provide something a bit different from other projects found in the marketplace by way of amenities and other offerings. We have a blank canvas, so if tenants need something unique or specific that is not typically found in speculative design, we have the ability to accommodate them and move swiftly.”
About Clarion Partners
Clarion Partners is a leading real estate investment management company headquartered in New York City. Clarion Partners was founded in 1982 and is an SEC-registered investment adviser with over $56 billion in total assets under management. On behalf of its institutional clients, Clarion Partners invests in all types of real estate asset classes throughout the United States and Europe, and has a broad range of both equity and debt investment strategies across the risk/return spectrum. For more information, please visit www.clarionpartners.com.
About Crow Holdings Capital
Crow Holdings Capital is the real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages $10 billion of real estate assets through its series of eight flagship value-add funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a proven track record of performance, partnership and innovation. For more information, please visit www.crowholdings.com/chc.
About Rob Riner Companies
Rob Riner Companies (RRC) is a commercial real estate firm providing a full spectrum of services for the office and industrial sectors, primarily focusing on development, brokerage and investment arenas in Dallas/Fort Worth and the Southwest. RRC has been responsible and involved in multiple master planned industrial parks. Parks include Granbury Commerce Center, Midpoint Logistics Center and Carter Distribution Center Phase 1 with Phase 2 well underway. Consideration for past and present projects total over 5 million square feet. The firm is currently underway on the permitting process for 6 projects in Tarrant County totaling 1.3 million square feet. Responsibilities included entitlements, wetland remediation/404 permitting, zoning, public infrastructure, Section 380 agreement, joint venture, loan placement, refinancing, asset management, property management, landscaping, tax consulting, development, project management, and leasing. Visit https://robriner.com/.
About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 900 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.6 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.