A joint venture of two commercial real estate powerhouses just broke ground on a massive speculative project in one of Dallas-Fort Worth’s hottest industrial submarkets.
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Trammell Crow Co. and joint venture partner PGIM, the investment management arm of Prudential Financial, started work on a nearly 756K SF industrial park in the AllianceTexas area of Fort Worth. The three-building development is the fourth phase of the joint venture’s 35 Eagle logistics hub.
”Dallas-Fort Worth is one of the nation’s most resilient industrial markets, supported by strong demand for modern logistics facilities,” PGIM Real Estate Head of U.S. Equity Soultana Reigle said in a statement. “We see significant opportunity in partnering with TCC to advance this development, meet the evolving needs of today’s industrial users and capitalize on the region’s long-term growth fundamentals.”
DFW's industrial leasing total of 22.7M SF during the third quarter nearly matched the region's record total of 23M SF set in Q2 2021, according to the latest data from Cushman & Wakefield. The Alliance area was by far the most popular industrial destination in North Texas, absorbing more than 3.6M SF during the quarter.
During the first nine months of the year, Alliance absorbed more than 7.6M SF, double the total of the next-closest submarket in DFW. Alliance’s year-to-date totals of more than 10M SF of leasing activity and 5M SF of deliveries are all also tops in the region.
The industrial project from Trammell Crow and PGIM will also add to the submarket’s DFW-leading 8.3M SF under construction.
The new phase of 35 Eagle will feature a 508K SF cross-dock building with a 40-foot clear height and up to approximately 450 trailer positions, a 107K SF rear-load building with a 32-foot clear height, and a 140K SF rear-load building with a 32-foot clear height. The buildings are being built on 58 acres at the northwest corner of Interstate 35 West and Eagle Parkway.
Fifth Third Bank and American National Bank provided construction financing for the project.
Alliance Architects is the project’s architect, FCL Builders is the general contractor, and Halff is the civil engineer. CBRE’s Steve Trese, Bob Scully, Ahnie Sheehy and Reid Kennedy are handling marketing and leasing for the project.
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