A joint venture of Dallas-based Stream Realty Partners and New York-based Clarion Partners, on behalf of an institutional investor, have bought a 61-acre tract in Northlake in Denton County where it plans a nearly 1 million-square-foot industrial development.
Stream Realty, a real estate services, development and investment firm, said the development, Northport 35 Business Center, will have three buildings totaling 945,035 square feet of space. Construction will begin soon with the first building to be completed by December 2015.
Northport 35 will be located east of Interstate 35W and north of Texas 114. It is bounded by Sam Lee Lane on the north, Northport Drive on the south and Cleveland-Gibbs Road on the east. The property was sold by a family partnership, which held the land for many years, said Cannon Green, managing director and partner with Stream Realty.
Northport 35 has been planned for about a decade and was zoned for an industrial project in December of 2003, according to records with the town of Northlake.
Green said the family was involved in a joint venture to develop the property, but that deal dissolved after the economic downturn last decade. Stream started talking to the owners about a year ago and recently closed the transaction, he said.
The location is in a path of high growth for the Metroplex, and the project will benefit from one of the lowest tax rates in the region, Green said.
“The town of Northlake is anxious to grow,” Green said, adding, “The logistics offered by the I-35W and Texas 114 intersection, and the lack of industrial land in more traditional interior submarkets, make for an interesting play.”
The land is north of AllianceTexas, the 18,000-acre industrial, office, residential and retail project being developed by Hillwood. Hillwood said it experienced one of its best years of growth in 2013 since the development began in 1990.
Dallas-based Trammell Crow Co. also has a 1.6 million-square-foot speculative industrial development underway on 314 acres at the northwest corner of I-35W and Eagle Parkway, just north of Alliance Airport. Trammell Crow, in a joint venture with Prudential Real Estate Investors, bought the land in January.
SOURCE: Fort Worth Star Telegram