Creation Equity offloads Fort Worth warehouse it delivered last year
Is fully leased by trucking company Ryder System
Industrial warehouse deals in Dallas-Fort Worth keep on trucking.
An institutional buyer scooped up a 234,000-square-foot warehouse in Haltom City. The buyer, who wasn’t identified, purchased the Northmark Commerce Center, at 3951 Old Denton Road, about seven miles north of downtown Fort Worth.
The warehouse sits on 20 acres. It was delivered last year and is fully leased by trucking company Ryder System.
The sellers were Creation Equity and a real estate fund advised by Crow Holdings Capital. The price was not disclosed. The land value was appraised at $2 million by the Tarrant Appraisal District last year.
Newmark’s Jack Fraker, Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe, Taylor Hare and Chloie Mercer represented the seller in the transaction.
The center’s location, North Fort Worth, is a high-growth logistics hub. The area provides easy access to Interstate 35W, which bisects the state, and Loop 820, which encircles Fort Worth. The center is 14 miles south of Perot Field Fort Worth Alliance Airport, one of the country’s busiest cargo airports.
Creation Equity is a Phoenix-based real estate and investment firm with offices in Dallas. In Dallas-Fort Worth, the firm has developed more than 2 million square feet of industrial space including: Fort West Commerce Center, a three-building, 532,000-square foot center in Lake Worth; Mesquite 635, a three-building, 556,000-square-foot center in Mesquite; and 820 Exchange, a four-building, 951,000-square foot project in Haltom City.
Dallas-based Crow Holdings Capital manages $16 billion in real estate assets and is a subsidiary of Crow Holdings. While distress has plagued other sectors of commercial real estate in Texas, warehouses and other industrial properties are still sought after. The metroplex leads the nation in terms of industrial development, and developers continue to file for new projects. Just last week, Trammell Crow Company filed to expand Passport Park West in Irving with a $12 million, 220,000-square-foot warehouse.