KKR can’t get enough of the North Texas industrial market.
After buying up a considerable portfolio of industrial property around the metroplex, the New York-based firm is ready to develop its own business park in North Fort Worth.
KKR is planning a three-building, 600,000-square-foot industrial project with a price tag of $42 million, according to the Dallas Morning News. The development is expected to rise on Bonds Ranch Road near Interstate 35W, southwest of Alliance Airport.
Work on the business park is expected to begin in October, with the first buildings available in late 2023. Square Mile Capital and BMO Harris Bank are providing $200 million in construction loans.
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KKR bought three industrial buildings from Ross Perot Jr.’s Hillwood Properties in the AllianceTexas development in March. That deal followed the investor’s acquisition of the first phase of the Urban District 30 industrial park in Mesquite in 2021. It also bought a 1 million-square-foot Amazon distribution center in southern Dallas County in late 2020.
The recently announced project in North Fort Worth is part of KKR’s master plan to build eight warehouse developments with 1.8 million square feet of space across Atlanta, Dallas-Fort Worth, Denver and Orlando.
“Our extensive experience acquiring approximately $7 billion of industrial real estate in the U.S. over the last four years positions us to identify attractive opportunities and development is a natural extension of our strategy,” director Ben Brudney said in a statement.
The Dallas-Fort Worth metroplex is the country’s top industrial building market, with more than 70 million square feet of warehouse projects on the way.
— Maddy Sperling