Black Creek Group To Build Out New DFW Industrial Hub
Black Creek Group's industrial-focused development spree continues with plans to build a 636K SF industrial hub in Dallas.
The firm acquired 35.9 acres to construct the Turnpike North Logistics Center I and II buildings, with both groundbreakings set for January 2022.
The industrial-focused development is situated at 4900 Singleton Blvd. in Dallas at the intersection of Singleton and Weir Street.
The development continues Black Creek's industrial development and acquisition spree in North Texas.
In May, Black Creek Group closed on two Class-A industrial buildings at 1050 and 1150 Luna Road in the Valwood Crossroads development in Carrollton. The firm acquired them at the time from Core5 Industrial.
Close to a year ago, Black Creek announced plans for its three-building industrial complex at Interstate 35 West and 20. Named the Carter Logistics Center, the site brought another 569K SF of industrial space into the firm's DFW holdings.
Industrial is one of the few CRE asset classes performing well both pre- and post-pandemic. Data from Transwestern shows rents on active industrial listings have risen 14% year-over-year, with net absorption up 2.9%, Transwestern said in its Q2 industrial report.
The trend continued in the third quarter, with Transwestern reporting rent growth at a pace of 2% to 6% in most North Texas submarkets on a triple net basis. Leasing in the third quarter reached 14.1M SF, putting net absorption at 3.5M SF, according to Transwestern.