Dallas-based Jackson-Shaw Co. and Denver-based Amstar have broken ground on Parc North, a 31-acre speculative industrial development in north Fort Worth.
Featuring four light industrial buildings totaling almost 450,000 square feet, the development is expected to reach completion in third-quarter 2015.
Parc North, at the southeast corner of Interstate 35 and Loop 820, will offer Class A industrial space near Dallas/Fort Worth International Airport, Fort Worth Alliance Airport and downtown Fort Worth.
Parc North marks Amstar’s third industrial development to break ground in the Fort Worth-Dallas market in the past year. Construction on DFW North Distribution Center and Riverpark 1000 began in 2014. Both are nearing completion. The buildings are 100 percent leased on a long-term basis.
“The Dallas-Fort Worth market has one of the strongest fundamental growth stories in the country and Amstar is excited to capitalize on that growth by breaking ground on another speculative development with an experienced development partner,” said Otto Petty, senior vice president with Amstar, commenting in a news release.
Amstar, a real estate investment firm, currently has eight speculative industrial buildings totaling almost 3 million square feet under construction throughout the nation.
“The Northern Crossing area, where Parc North is located, continues to be an industrial magnet,” said Jason Nunley, vice president of development with Jackson-Shaw, a real estate development firm.
Seth Koschak, managing director at Stream, is leasing the project on behalf of Amstar and Jackson-Shaw.
“Timing is right and demand is in place for this type of product,” Koschak said.
Amstar, based in Denver, is a real estate private equity company that acquires, develops and manages all types of property nationwide. More information is available at www.amstar.com.
Jackson-Shaw has developed more than 46 million square feet since its inception in 1972. More information is available at www.jacksonshaw.com.