Stream Realty-Clarion JV Breaks Ground for 940K SF Industrial Project
- Mar 26, 2015
Stream Realty Partners and Clarion Partners will add more than 940,000 square feet of industrial space to the Dallas real estate market in the fourth quarter. The partnership recently broke ground on Northport 35 Business Center, a three-building industrial project in Northlake, Texas.
The project will rise on a 61-acre tract located at 4250-4251 Dale Earnhardt Way, a few miles from Alliance Airport and the Union Pacific and BNSF rail lines. Upon its completion, future tenants will receive financial incentives from the town of Northlake in the form of a 75 percent tax grant for business personal property tax and 50 percent tax grant for real property taxes.
As Commercial Property Executive has reported, the DFW Metroplex experienced its 17th consecutive quarter of positive net absorption in fourth quarter 2014. Consistent with an emerging trend in the market, developers have started to shift their attention from tenants interested in big-box spaces to smaller tenants, which would explain why Stream Realty and Clarion have opted to develop buildings ranging in size from 658,782 to 202,522 to 83,731 square feet.
“The tax benefits available to our future tenants and proximity to the fastest-growing area of the DFW Metroplex are the key components to our business plan,” said Cannon Green, managing director & partner in Stream’s Dallas office, in an official statement. “The town of Northlake has been exceptional to work with in getting this project started. Interest in the project has been substantial, and we expect it to increase as we move deeper into 2015.”
Image courtesy of Stream Realty Partners via official website.