Firm to co-develop the two million square foot industrial park in Dallas, TX with Archway Properties
DENVER, Feb. 16, 2021 (GLOBE NEWSWIRE) — Black Creek Group, a Denver-based real estate investment management firm with a more than 25-year history, today announced the acquisition of 165 acres for the development of I-20 Logistics Park in Dallas, TX. Upon completion, the two-building Class A industrial park will total two million square feet. The development will be completed in two phases and is the largest project that the firm has embarked on to date.
Eric Hawk, partner of Archway Properties, the co-developer in this transaction, spent approximately two years assembling 42 individual parcels with 18 different property owners, creating one of the largest and most desirable sites along the I-20 Corridor.
“We’ve been working with Archway Properties on this transaction for several months and are excited to co-develop this state-of-the-art industrial project. The Dallas market has become one of the hottest industrial markets, as demand for quality space remains very compelling,” said Mace McClatchy, senior vice president and market officer for the South Central Region of Black Creek Group. “Given these strong fundamentals and the project’s ideal location, along the I-20 Corridor and close proximity to the second largest FedEx Ground facility in the U.S., we expect that the project will be desirable for many companies, especially ones that may need distribution space for e-commerce-related business.”
Construction on Phase I, a one million square foot facility, is scheduled to commence in Q3 2021 with completion anticipated in Q3 2022. Construction on Phase II, a one million square foot facility with an adjacent excess trailer lot, will be reserved for build-to-suits or a future speculative project. The site offers flexibility as the buildings can accommodate multiple tenants.
“We are incredibly pleased to be working with Black Creek Group on the development of I-20 Logistics Park,” said Eric Hawk, partner of Archway Properties. “This was a uniquely challenging opportunity that most people in the market viewed as not being feasible. Black Creek Group was the logical partner for us to work with due to their ability to see the value creation of assembling this tract and the extensive financial strength and industrial experience they bring to the project. I also want to thank Tom Clarke of Transwestern who represented Archway in the land acquisition phase and our civil engineer, Dan Gallagher with Kimley Horne, who were both instrumental in bringing this project together.”
Black Creek Group and Archway Properties were represented by Ryan Thornton and Nathan Lawrence of CBRE in the co-development agreement. Both buildings are being actively marketed for pre-lease, please contact Nathan Lawrence at Nathan.Lawrence@cbre.com for more information.
Black Creek owns approximately 10.7 million square feet of industrial real estate in Texas, which includes properties under construction.
About Black Creek Group
Black Creek Group is a leading real estate investment management firm that invests in institutional quality commercial real estate across the U.S. The firm manages diverse offerings across the industrial, multifamily, office and retail sectors – providing a range of investment solutions for both institutional and wealth management channels. Over its more than 25-year history the firm has bought or built over $23 billion of investments. As of December 31, 2020, the firm had a national footprint of 70.6 million square feet across 31 U.S. markets, including properties under control and development. Learn more at blackcreekgroup.com.
About Archway Properties
With offices in Houston and Dallas, Archway Properties offers a broad range of real estate services to its clients and partners including acquisition, development, project management and asset management. Our principals have successfully completed projects with a total value in excess of $2 billion. For more information, please visit www.archwayprop.com.
Contact: Briana Ochiltree
Black Creek Group