Real estate developers are piling into one of Texas’ fastest-growing distribution markets. Core5 Industrial Partners is set to build a $16 million business park in the Dallas suburb of Lancaster.
The two-building project will total 600,000 square feet, according to the Dallas Morning News. Atlanta-based Macgregor Associates Architects is designing the business park.
There’s been a frenzy of industrial development in Lancaster in the past few years. The small city on the southeast edge of Dallas has seen new shipping hubs for Amazon, BMW, Quaker Foods, Mars Petcare and others. It’s one of the fastest-growing warehouse and distribution hubs in the Dallas-Fort Worth metroplex, and the 20 million square feet of projects under construction in southern Dallas County make it North Texas’ top industrial building market.
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In Lancaster alone, Core5 built a 994,000-square-foot shipping hub for Illinois-based Kehe Distributors, one of the country’s largest food products logistics firms, as well as a 1.4 million-square-foot business park. It has also built similar projects in Dallas suburbs McKinney, Plano, Northeast Dallas and Hutchins.
Core5 isn’t the only company ramping up its industrial development game in the area. LBA Logistics, a Blackstone affiliate, just announced it will renovate a 2 million-square-foot south Dallas warehouse and former Sears distribution center to the tune of $35 million. Houston-based Archway Properties is also building a new industrial park in Irving.
Atlanta-based Core5 is a division of Kajima, a real estate and construction company headquartered in Japan.
[DMN] — Cindy Widner