An Atlanta-based real estate investment firm has started construction on a two-building last mile distribution hub in the Dallas area on a speculative basis, meaning there are no tenants signed on to lease the space.
Stonemont Financial Group is developing McKinney Airport Center, comprising Building 1 and Building 2. The two-building industrial complex, located less than a half-mile from McKinney National Airport at 2182 Airport Drive, is expected to be completely constructed by early 2021.
Dallas-Fort Worth has “quickly become one of the nation’s most competitive industrial markets,” thanks to its business-friendly environment and strong logistics infrastructure, said Zack Markwell, managing principal and CEO of Stonemont, in a statement.
“We are already fielding heavy interest from a variety of users seeking to capitalize on the inherent advantages that come with this location, and look forward to sharing more news on our progress in the months ahead,” Markwell said in a statement.
McKinney Airport Center builds on Stonemont’s history of developing Class A industrial projects near major population centers. The company is also building a 540-acre industrial park in El Campo, Texas, to serve as an inland port for U.S.-Mexico trade, and a 1,200-acre industrial park in Savannah, Georgia, and newly completed facilities near the Amazon Prime air hub under construction at the Cincinnati/Northern Kentucky International Airport.
At a nearby, undisclosed site in McKinney, the development firm is finalizing plans to build a “new state-of-the-art distribution facility.” Company officials were not immediately available to comment further on the project Wednesday.
For the new last-mile distribution hub, Stonemont plans to build the two-building complex with one 107,300-square-foot building and another 123,885-square-foot building. Each constructed facility is expected to have multiple suites for smaller tenants ranging up to 100,000 square feet, with 24 dock doors and 28-foot to 30-foot clear heights with wide bays. In all, the property will have more than 230 parking spaces.
The distribution hub, about three-and-a-half miles from U.S. Highway 75 and State Highway 121, will have direct access to the general aviation airport, which is a reliever airport to Dallas/Fort Worth International Airport and Dallas Love Field. McKinney National Airport is undergoing a significant $15 million terminal expansion project, which will help it achieve future commercial flights.
Construction on the 1,500-foot runway extension at McKinney National Airport, which will allow planes to fly with larger loads, is expected to begin next year.
Industrial users have gobbled up the available industrial space in this growing part of Dallas-Fort Worth, known for its affluent demographics, according to CoStar’s market analytics team. Tenant demand has driven developers to build 1.3 million square feet of industrial space, which is nearly 10% of the existing inventory, in this part of the North Texas region, according to CoStar data.
In all, Dallas-Fort Worth has nearly 29 million square feet of industrial space in its construction pipeline.
For the Record
Dallas-based Somervell Commercial Realty is working with Stonemont as the development manager of the project. Bob Moore Construction is the general contractor. Callaway Architecture is the project architect. Lee & Associates is leasing the two-building complex.
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