by Ryan Salchert | Staff Writer, Dallas Business Journal
www.bizjournals.com
A joint venture featuring Dallas-based Ironwood Realty Partners and Fort Worth-based TCRG Properties will soon be adding 1.1 million square feet of spec warehouse space in Fort Worth.
In December, the venture broke ground on a 708,000-square-foot spec warehouse at Synergy Crossing, a 2.3 million-square-foot industrial park near the corner of Harmon Road and Golden Triangle Boulevard. Designed by Alliance Architects Inc., the building is expected to cost $20 million according to a document submitted to the Texas Department of Licensing and Regulation. The same document says that the warehouse will deliver by the end of 2020.
In another 90 days, a 400,000-square-foot warehouse will break ground next door. A nearby 24-acre corner lot is ready for development too, but Ironwood President and Founder Bob Rice says no plans have been finalized for the plot just yet.
These two new spec warehouses will join two more completed buildings at Synergy Crossing, which total 1.2 million square feet. Both properties have been fully leased to single users, says Rice. They include Dematic, which took a 707,000-square-foot warehouse last year, and Ceva Logistics, which took a 500,000-square-foot warehouse. The entire park is being leased by Ryan Wood of TCRG.
North Fort Worth's industrial vacancy rate was 5.8 percent at the end of 2019, according to the latest quarterly report by CBRE. The year ended with 12 million square feet still under construction, the most of any submarket in North Texas. Another 5.6 million square feet delivered last year in North Fort Worth. At the same time, absorption has been positive in the area, with 5.1 million square feet being occupied in 2019.
Ref: https://www.bizjournals.com/dallas/news/2020/01/20/ironwood-realty-partners-tcrg-properties.html
