Dallas-based developer Stream Realty Partners, in partnership with Clarion Partners, has bought a 61-acre tract in Northlake in Denton County to develop a three-building industrial campus totaling nearly 1 million square feet.
Terms of the land sale were undisclosed.
The project, called Northport 35 Business Center, will total 945,035 square feet of space catering to tenants from 14,000 square feet to up to 650,000 square feet. The campus is located near the Union Pacific and BNSF rail lines, Alliance Airport and the BNSF intermodal facility.
The real estate developer decided to build based on the ad valorem tax structure that will give industrial tenants one of the lowest costs of occupancy in North Texas, as well as the access to transportation, said Cannon Green, managing director and partner at Stream.
“This economic driver (low taxes) combined with Northlake being directly in the path of business and population growth, the logistics offered by the I-35W and State Highway 114 intersection, and the lack of industrial land in more traditional interior submarkets make for an interesting play in our opinion,” Green said.
Stream Realty’s Albert Jarrell will oversee the construction of the project. Green and Bob Hagewood of Stream Realty will oversee the leasing of the industrial property.
The timeline of the construction project was not immediately disclosed on Tuesday morning.
SOURCE: Dallas Business Journal
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