Financing secured for Intermodal Commerce Park industrial development

JLL arranged equity and construction financing and will lead leasing efforts for Intermodal Commerce Park, a to-be-built, Class A+ industrial project comprising three buildings totaling 1.4 million square feet in the Dallas-Fort Worth area community of Haslet, Texas. 

JLL worked on behalf of Gruene Real Estate Partners and Weber & Co. to arrange the joint venture equity partnership with a private real estate fund advised by Crow Holdings Capital and placed the five-year construction loan with First United Bank on behalf of the developer. Additionally, JLL was selected to lead the marketing and leasing effort for the master-planned development. Construction is set to be completed in July 2021.

Intermodal Commerce Park will be constructed on a land site located at the southern end of Intermodal Drive, which connects the 82-acre site to the nearby BNSF intermodal facility in Alliance, the nation’s largest inland port. The development site is approximately one mile east of Interstate 35W and at the southern end of the Alliance Airport, an auxiliary cargo-handling, destination-relieving DFW Airport. The location allows easy access to the Texas Triangle, the area between DFW, Houston and San Antonio, allowing tenants to reach more than 25 million people in a matter of hours.

Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature between 32- and 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking.

“With its formation, the Weber-Gruene Joint Venture will operate as one cohesive unit,” said Ken Kristofek, owner and president, Gruene Interests, LLC. “We will function seamlessly, bringing together a diverse set of capabilities to the development process and enhance an already rich history of service and quality in Dallas-Fort Worth.”

The JLL capital markets team representing the developer was led by Dustin Volz, John Rose, Stephen Bailey and Wells Waller. The JLL leasing team includes managing director George Curry, executive vice president Jamie Galati and vice president Blake Rogers.

The need for warehouse space across the country has increased due to the COVID-19 pandemic and resulting shelter-in-place orders, accelerating e-commerce growth. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate an additional one billion square feet.