Three‐building 945,035 square foot industrial development is slated for completion in Q4 of 2015
DALLAS‐ Stream Realty Partners, a national real estate services, development and investment firm, recently broke ground on a three‐building 945,035 square foot industrial development in Northlake, Texas. The project, Northport 35 Business Center, is strategically located in Northlake, Texas and scheduled for completion early in the fourth quarter of this year. The project benefits from a host of logistical amenities in the immediate area and one of the lowest taxing jurisdictions in Texas. Incentives already approved by the Town of Northlake include a 75% tax grant for business personal property tax and a 50% tax grant for real property taxes. Both tax grants are for a 10 year period.
“The tax benefits available to our future tenants and proximity to the fastest growing area of DFW Metroplex are the key components to our business plan,” said Cannon Green, managing director and partner of Stream Realty’s Dallas office. “The Town of Northlake has been exceptional to work with in getting this project started. Interest in the project has been substantial and we expect it to increase as we move deeper into 2015” Green said.
Stream Realty partnered for this venture with Clarion Partners, advising on behalf of an institutional investor. Albert Jarrell, Managing Director of Stream’s Construction Division, will oversee the project. Green and Bob Hagewood, Senior Vice President, of Stream Realty will oversee the leasing of the project.
Pictured (left to right): Andy Munsch and Mike VanSlyke with EMJ Construction (EMJ), Nathan Reddin and Drew Corn with the Town of Northlake, Seth Koschak with Stream Realty Partners (SRP), Mayor Peter Dewing with the Town of Northlake, Cannon Green (SRP), Andy Lowe with Clarion Partners, Albert Jarrell and Bob Hagewood (SRP), Shane Harris with RGA Architects, Inc. (RGA), Ray Catlin (EMJ), and Rick Gilliland (RGA).