Denver-based real estate investment management firm Black Creek Group has acquired 165 acres for the development of I-20 Logistics Park in Dallas, Texas.
Black Creek Group will develop a two-building Class A industrial park totaling two million square feet in Dallas, TX with Archway Properties.
The development will be completed in two phases and is the largest project that the firm has embarked on to date.
Construction on Phase I, a one million square foot facility, is scheduled to commence in Q3 2021 with completion anticipated in Q3 2022. Construction on Phase II, a one million square foot facility with an adjacent excess trailer lot, will be reserved for build-to-suits or a future speculative project.
Eric Hawk, partner of Archway Properties, the co-developer in this transaction, spent approximately two years assembling 42 individual parcels with 18 different property owners, creating one of the largest and most desirable sites along the I-20 Corridor, said Black Creek Group in a statement.
“We’ve been working with Archway Properties on this transaction for several months and are excited to co-develop this state-of-the-art industrial project. The Dallas market has become one of the hottest industrial markets, as demand for quality space remains very compelling,” said Mace McClatchy, senior vice president and market officer for the South Central Region of Black Creek Group.
“Given these strong fundamentals and the project’s ideal location, along the I-20 Corridor and close proximity to the second largest FedEx Ground facility in the U.S., we expect that the project will be desirable for many companies, especially ones that may need distribution space for e-commerce-related business,” he added.
Black Creek owns approximately 10.7 million square feet of industrial real estate in Texas, which includes properties under construction.