More than 558K SF of new speculative construction is underway at a massive industrial park in Tarrant County.
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Carter Park East, a 560-acre master-planned development owned by Crow Holdings Capital and Clarion Partners, will eventually deliver up to 7M SF to the bustling industrial submarket of South Fort Worth.
The developer, Rob Riner Cos., has delivered the first phase and has started on Phase 2, which includes three spec buildings ranging from 170K SF to 194K SF. A more than 1M SF build-to-suit distribution center for TJX Cos. — the parent company for HomeGoods and TJ Maxx, among others — is also almost complete.
Phase 2 was capitalized prior to turmoil in the economy and is expected to wrap up later this year, but the developer plans to take a cautious approach to future phases, said Jeff Rein, vice president of the Fort Worth industrial division of Stream Realty Partners, the firm overseeing leasing at the park.
“We are focused on getting [Phase 2] backfilled and leased up before we make any decisions on subsequent phases,” he said.
Despite having filed permits with the state to begin flood mitigation work on Phase 5 of development, Rein said there are no plans to go vertical any time soon. An additional undeveloped site can accommodate up to 1.4M SF, but the firms are waiting for the market to dictate when is the best time to start construction.
“If we see a void, and we’re in a position to go and meet that demand … we’ll move forward,” he said. “But at this point, we are focused on Phase 2.”
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