Falcon Commercial Development has secured joint venture equity from Diamond Realty Investments for the development of Oak Creek Distribution Center, a 238,289-square-foot industrial project in Fort Worth, Texas. Newmark arranged the financing on behalf of the owner and developer. Additionally, First United Bank and Trust originated a $16.5 million construction loan for the project, according to Tarrant County public records. The Class A industrial development is expected to break ground this month, with completion scheduled for early 2024.
Oak Creek Distribution Center will rise at 4851 E. Loop 820 and will include 32-foot clear heights, 63 dock high doors, 130-foot truck courts, two ramps, 200 vehicle parking spots and a rear-load configuration. The building is designed to accommodate both single and multi-tenant users. The approximately 18-acre site is close to Interstate 820 and to U.S. Highway 287, some 8 miles from downtown Fort Worth, 10 miles from Arlington, Texas, 21 miles from Dallas/Fort Worth International Airport and within 36 miles of downtown Dallas.
Newmark’s Capital Markets team of Vice Chairmen Stephen Bailey and Dustin Volz, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe made arrangements on behalf of the owner.
One of the strongest pipelines in the U.S.
According to a recent CommercialEdge report, Dallas-Fort Worth continued to have one of the largest development pipelines at a national level as of June. The metro had almost 53 million square feet of industrial space underway, or 5.9 percent of existing stock, only surpassed by Phoenix, with 58.8 million square feet underway.
A large-scale project that has been recently announced in the Metroplex is Canadian Solar’s $250 million manufacturing facility in Mesquite, Texas. This is the company’s first U.S. manufacturing plant, that will rise on a 91-acre site and will produce solar photovoltaic modules, with construction expected to start by the end of the year.