Stream Realty Partners (Stream), a national real estate services, development, and investment company, announced today that they represented Clarion Partners and a real estate fund advised by Crow Holdings Capital in the execution of a 20-year, approximately 1,000,000-square-foot build-to-suit lease for HomeGoods, which is part of The TJX Companies, Inc. family of brands and a national off- price home fashions retailer, at Carter Park East in Fort Worth, Texas.
Carter Park East is a 556-acre, multi-phase, master-planned, industrial development capable of delivering over six million square feet. The project is located south of I-20 and east of I-35 in the South Fort Worth submarket. Rob Riner Companies is the lead developer responsible for this build-to-suit project and all phases of planned speculative construction.
Rob Riner, who has been developing industrial buildings in South Fort Worth for more than a decade, said, “Carter Park East is a vision that started fifteen years ago. To witness that vision become real has been something special. We were long-term believers in this submarket and were confident that, with time, Carter Park East would become one of the premiere industrial parks in DFW. This lease goes a long way toward achieving that reality.”
The HomeGoods’ building will encompass approximately 100 acres of land and approximately 1,000,000 square feet under-roof. This facility will serve as a regional distribution center for HomeGoods and its sister brand, Homesense.
Andy Lowe, Managing Director at Clarion Partners, said, “We’re very excited to welcome HomeGoods as the first tenant at Carter Park East. We’re proud to work with HomeGoods to support their operations throughout the region.”
Michael Balcom, Director at Crow Holdings Capital, added, “We are grateful for all parties involved in this transaction, especially the team at HomeGoods and our advocacy within the City of Fort Worth. This facility will provide tremendous economic benefit for surrounding area, including jobs and tax revenue, for years to come.”
In addition to the HomeGoods build-to-suit, an initial speculative phase of Carter Park East, inclusive of one 549,780-square-foot building and a second 323,570-square-foot building, is under construction to deliver fourth quarter 2021. Both buildings are currently available for lease.
Seth Koschak, Managing Director and Partner at Stream, said, “South Fort Worth has emerged as a primary submarket in DFW with over 4 million square feet delivered since 2017 and another 4.5 million square feet currently under construction. Having a brand like HomeGoods make this level of commitment speaks volumes to the City of Fort Worth, our community, and the South Fort Worth industrial submarket. We feel very fortunate to have HomeGoods as our lead tenant at Carter Park East.”
Stream’s Koschak, Jeff Rein, and Forrest Cook represented the landlord and Tony Kepano and Nathan Lawrence with CBRE represented the tenant in the transaction.