A joint venture has purchased a 314.4-acre property in the Alliance area for the construction of 1.6 million square feet in speculative industrial space. Dallas-based Trammell Crow Co., in a joint venture with Prudential Real Estate Investors, the real estate investment management and advisory business of Prudential Financial Inc., have completed the purchase of the property located at the northwest corner of Interstate-35W and Eagle Parkway in northeast Fort Worth. Trammell Crow announced the deal Jan. 7.
Terms of the deal were not disclosed. The joint venture purchased the land from Intel Corp., which purchased the land just prior to the tech bust in the late 1990s, with plans for a computer chip plant.
The project, named Trammell Crow 35/Eagle, will comprise 1.6 million square feet of speculative industrial space, making it the largest project of its kind in Trammell Crow Co.’s 65-year history in Dallas/Fort Worth, according to the company. The project is expected to be completed in 2014. Full build-out of the park will include over 4.2 million square feet of office, retail and industrial product.
This speculative industrial project joins Hillwood’s two speculative industrial projects at Alliance, announced last year. “We are pleased to continue our relationship with Prudential Real Estate Investors in the Dallas/Fort Worth Metroplex and deliver a Class A office and industrial product on the best sites in the area’s top submarkets,” said Scott Krikorian, managing director with Trammell Crow’s Dallas/Fort Worth Business Unit. “This is a milestone project for us and we’re excited to be a part of it. The Alliance market is a branded destination for sophisticated users and has a strong demand for first generation space. This development will provide tenants with modern amenities, as well as efficient access to local highways, intermodals and airports.” Plans for the land site include two speculative industrial buildings, Building B comprising 1 million square feet and Building D comprising 548,495 square feet, totaling 1 .6 million square feet of Class A space. The project is located less than a mile away from Alliance Airport, as well as north and southbound exits and entrances at Eagle Parkway and I-35W. The project is also located within three miles from the headquarters for the BNSF Railway. The joint venture will seek LEED certification for the project.