A celebrity real estate mogul in-collaboration with the former Mayor of Chicago has purchased space to build a new industrial and logistics facility in Midlothian.
Conlon & Co., the real estate merchant bank founded by Sean J. Conlon, invested to buy 690,000 square feet of space at Midlothian Business Park, about 30 miles southeast from Fort Worth.
The industrial space investment promises to add more than 200 new jobs.
The latest investment follows Conlon & Co.’s initial entry to the Dallas-Fort Worth market with its acquisition of a number of lots at White Bluff Resort on Lake Whitney back in September.
“I strongly believe the Texas economy looks positive post-pandemic.
The pandemic has highlighted the critical importance of supply chain and logistics real estate,” Conlon said in a statement. “Given the general trend in America now, Texas and its industrial sector are ideally suited for continued growth as we look to a post COVID-19 economy
Alongside Conlon, who regularly hosts “The Deed” on CNBC, the bank is led by former Chicago Mayor Richard M. Daley and his son, Patrick Daley. Former Mayor Daley during his 22-year tenure was instrumental in transforming Chicago’s real estate to enhance tourism with projects like the Millennium Park and Navy Pier.
“My father and I share a passion for urban planning. The Dallas-Fort Worth metroplex has undergone a remarkable evolution over the past two decades, given the recent shift in migration and now experiencing one of the strongest economic and population growths in the country,” Patrick Daley, Conlon & Co. Partner, said in a statement. “The state is one of the most economically resilient states and only shows opportunities for Conlon & Co.”
The anchor tenant in Midlothian Business Park will be Sunrider Manufacturing. The health, beauty, food and household products manufacturer also announced it is relocating its headquarter from Torrance, California to Midlothian. Sunrider Manufacturing has manufacturing plants in China, Singapore and Taiwan as well.
“As Conlon & Co. continues to invest in the Texas market, we look forward to being part of the growth of this great state,” Conlon said. “With Texas being the second largest economy in the country, it is a great place to do business and we are looking forward to joining and actively being a part of this prestigious community.”