August 9, 2023 2:00 PM
Newmark announces it has arranged the joint venture equity placement for the development of Oak Creek Distribution Center, a 238,289-square-foot, Class A industrial project located at 4851 E. Loop 820 in Fort Worth, Texas. The project is expected to break ground in August 2023 for completion in Spring 2024.
Newmark Capital Markets Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe secured the financing from Diamond Realty Investments on behalf of the sponsor, Falcon Commercial Development, a Dallas-based industrial development company.
“We have been lucky to partner with Falcon Commercial as they continue to grow their platform and develop top-tier industrial assets in great locations across Texas,” said Riebe.
Situated on 17.77 acres, Oak Creek Distribution Center will feature 32’ clear height, rear load configuration, 63 dock high doors, two ramps and 130’ truck courts. The project will offer the capability to accommodate full-building users or service a smaller, multi-tenant shallow bay tenancy.
“Oak Creek exemplifies the growing demand for strategically positioned industrial facilities in the DFW metro area,” added Volz. “With exceptional access to key transportation routes and proximity to major residential and commercial centers in Fort Worth, this was an exceedingly attractive prospect for investors.”
According to Newmark Research, the Dallas-Fort Worth industrial market will likely see an influx of supply in the near term, causing vacancies and rental rates to rise. Despite economic fundamentals softening nationally, the market remains attractive to occupiers and investors alike due to its strong market fundamentals, strategic central location and relative costs compared with other gateway markets.
About Falcon Commercial Development
Falcon Commercial Development is a privately owned industrial development company committed to providing principled real estate solutions and opportunities for industrial users, owners, and investors. With over 60 years of combined development experience between our partners, we are focused on developing institutional grade industrial properties in core Texas markets.
Founded by Doug Johnson and Ben Newell, the founding partners have cumulative development experience of 127 industrial buildings totaling 48 million square feet. Veteran and nimble leadership, along with a commitment to transparency and consistency, enables Falcon to provide our customers with personalized service and a top-quality final product.
About Diamond Realty Investments
Diamond Realty Investments is a national leader in the investment and development of Multifamily, Student Housing, Senior Housing, Medical Office and Industrial real estate properties. Specializing in joint venture partnerships DRI has invested in more than 200 Multifamily, Student Housing, Senior Housing, Medical Office and Industrial properties with a total acquisition and development cost surpassing $11.0 billion. For more than 30 years, Diamond Realty has partnered with the nation’s leading developers to create best in class Housing and working environments. For more information about Diamond Realty investments please visit our website www.diamondrealtyinvestments.com
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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