Stream Realty Partners has started development of a 3.4-million-square-foot multi-building unit near the Dallas-Fort Worth metroplex, which is becoming one of the nation’s fastest-growing industrial markets.
The development on 20 East at 12955 FM 2932 in Mesquite, Texas, located east of Dallas, and as reported by CommercialEdge is expected to be delivered in two phases. Mesquite Mayor Daniel Aleman Jr. called the 20 East development the largest industrial park in Kaufman County in a statement, and Matt Dornak, managing director at the Stream Dallas office, said the park will bring more industrial space for logistics and distribution tenants to the eastern side of the Metroplex and Interstate 20 corridor.
“Stream could not be more excited to bring 20 East to the City of Mesquite,” said Dornak.
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“This development will provide both the eastern side of the Metroplex and the Interstate 20 corridor with much-needed industrial space attracting tenants in the logistics and distribution space,’’ he said. “Mesquite’s pro-business position, growing population base, and access to labor make it a great city to partner with.”
The first phase will include 1.8 million square feet across three buildings, and the second will bring three more, totaling 1.6 million square feet. Stream will develop, lease, and manage the industrial development, which will offer build-to-suit potential and building expandability with modern amenities and features. These will include heavy trailer storage and car parking, the ability to fully secure the park, and buildings that meet the growing business demand in the area.
The Dallas-Fort Worth industrial market is now ranked as among the top commercial markets in the entire nation, and a recent JLL report shows that the industrial market particularly is seeing vacancy remain flat despite record-breaking construction in the area, according to a recent report from JLL.
The average vacancy of the warehouse and distribution space in the East Dallas submarket was 7.3 percent with a total availability of 23.5 percent, according to the publication, both on an inventory of 31.9 million square feet. The average asking rent is $5.05 per square foot, and about 5.9 million square feet is currently under construction.
The location of the new development will be prime for productivity in the area, with access directly off of Interstate 20 and FM 2932, and will be part of Mesquite’s growing master-planned business corridor called Trinity Pointe that will offer ideal logistics to prospective tenants.
[CommercialEdge] — James Bell