Clarion Partners and Crow Holdings Capital (CHC), in partnership with Rob Riner Companies, have acquired 556 acres in South Forth Worth, Texas to develop a state-of-the-art industrial and logistics park totaling approximately 7 million square feet.
The master-planned park, named Carter 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,” Colter said. “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.”
“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.”
“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.”
Seth Koschak, Forrest Cook and Jeff Rein with Stream Realty Partners, a national real estate services, development and investment company, have been selected as the leasing team for the project.
“We are thrilled to be part of Carter Park East,” said Koschak, managing director and partner of Stream’s Fort Worth office. “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.”