July 6, 2023 10:00 AM
Newmark announces that it has arranged the sale Forney Logistics Crossing, a 904,495-square-foot, newly constructed, cross-dock industrial property located in Forney, Texas, within the East Dallas submarket. The property was 100% leased at the time of sale to Knight-Swift, the fifth largest publicly traded trucking company in the United States.
Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Associates Taylor Hare and Chloie Mercer, and Transaction Manager Caroline Wilson represented the sellers, Stillwater Capital and Grandview Partners, in the sale to EQT Exeter.
Delivered in January 2023, the property features new, state-of-the-art construction and Class A design, with modern amenities including 40’ clear height, cross-dock configuration, 161 total dock doors and 198 trailer stalls, with the ability to add up to 154 more stalls.
“Forney Logistics Crossing offered investors an ideal combination of new construction, building functionality and short-term weighted average lease term (WALT),” said Volz. “Pair that with a nationally recognized tenant that continues expanding into the East Dallas submarket, this opportunity was extraordinarily well-received by those looking to acquire a best-in-class asset with significant scale in DFW.”
Located at 11333 County Road 212, the property offers direct access to DFW’s and Texas’ major commercial hubs via US-80, I-45, I-35E and I-20. Nearby, recently completed developments include built-to-suit projects from Goodyear, Amazon and Ashley Furniture.
Bailey stated, “The East Dallas industrial submarket has seen significant growth in recent years, largely due to its strong industrial labor base and superior accessibility to the DFW Metroplex.”
According to Newmark Research, Texas is the second largest destination for industrial investors, with $15.6 billion flowing into the state in 2022. The state is experiencing highly favorable industrial demand drivers, and its markets will likely continue to flourish in 2023 and beyond. During 2022, Dallas, Houston, Austin and San Antonio all charted within the top 10 markets for industrial demand in total volume or demand growth as a share of inventory. Remarkably, in 2022, Dallas’ industrial inventory grew to over one billion square feet, putting it in a rarefied mega-market category that includes only Chicago and Los Angeles.
About Stillwater Capital
Stillwater Capital is a private real estate firm headquartered in Dallas, Texas, transforming innovative ideas into thoughtfully designed, world-class projects that range from large-scale commercial developments and elevated hospitality destinations to luxurious single-family homes. Since the company was founded in 2006, Stillwater has developed over $2B of real estate totaling over 9.3M square feet and 6,119 residential units. With the intent to build spaces that tell stories and foster communities backed by a rich history, Stillwater partners with award-winning architects and design professionals to create impactful properties distinguished by first-class amenities, forward-thinking design, quality structures and efficient layouts. Leading developments across the state of Texas as well as Nashville, Charlotte, Denver, Phoenix, Colorado Springs, Raleigh and Durham, Stillwater Capital’s unique projects across the U.S., position the firm as industry leaders in the real estate landscape. For more information on Stillwater Capital’s current and upcoming project, visit www.stillwatercap.com or follow @stillwatercapital on Instagram and Facebook.
About Grandview Partners
Grandview Property Partners, LLC is a real estate fund manager with an experienced team of real estate professionals who have worked together an average of 19 years acquiring, originating, managing, developing, and selling real estate assets. The Grandview principals have acquired and managed on behalf of its investor’s real estate assets in over 99 markets focusing on middle market transactions. Based out of four offices across the United States with assets being managed in 19+ states, Grandview has deep direct relationships sourcing a significant number of opportunities on a non-marketed basis.
About EQT Exeter
EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. With a legacy dating back 75 years, EQT Exeter is among the largest real estate investment managers in the world, focused on acquiring, developing, leasing, and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of Exeter Property Group and EQT.
A tenant-centric, global leader in sheds, beds, and meds, EQT Exeter currently oversees a portfolio totaling over 320 million square feet across 1,550 buildings. The EQT Exeter Team comprises more than 450 experienced professionals operating in more than 50 offices around the globe. Together, they have consummated over 1,800 real estate investments corresponding to over 2,500 properties totaling more than $30 billion in property value. As part of EQT, the team leverages the firm’s industry-leading sustainability credentials and framework and in-house digitalization skills to generate increased value for its investor clients.
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 March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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