October 31, 2023 1:00 PM
Newmark announces it has arranged the joint venture equity financing for the development of 121 Commerce Center, a Class A, ground-up industrial project located in Grapevine, Texas, just three miles north of the Dallas-Fort Worth International Airport. The 272,160-square-foot project is expected to break ground in March 2024.
Newmark Co-Presidents of Debt & Structured Finance Jordan Roeschlaub and Dustin Stolly, Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Directors Chase Tagen and Eden Abraham and Associate Chloie Mercer arranged the financing on behalf of the sponsor, GTIS Partners, a leading real estate investment and development firm headquartered in New York.
Upon completion, 121 Commerce Center will consist of a rear-load industrial building with 54 dock doors, two ramp doors and 403 parking spaces. The development is currently underwritten for multiple tenants, with demising options available to accommodate down to 90,720 square feet per suite.
“121 Commerce Center presented a unique opportunity to invest in one of DFW’s most dynamic and sought-after industrial submarkets,” said Volz. “With its strategic location, excellent building characteristics and access to labor, this property is poised for success.”
GTIS Partners has a prominent presence in the residential and industrial sectors, with a +17-year track record and $4.3 billion in assets under management. The firm’s investors include some of the world’s largest pension plans, endowments, sovereign wealth funds and wealth management platforms.
“We are thrilled to have secured the financing for this exciting development on behalf of GTIS Partners,” said Riebe. “GTIS’ expertise and track record in the real estate industry make them an ideal sponsor for this highly coveted project.”
The 16.6-acre site is positioned at the corner of Genesis Way and Enchanted Way, seven miles from both Dallas’ and Fort Worth’s central business districts. The site benefits from exceptional access to population centers and major throughfares, including I-635, State Highway 121 and State Highway 114.
About GTIS Partners
GTIS Partners was founded in 2005 and is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Houston, and Munich. GTIS Partners has $4.5 billion assets under management and works with best-in-class planners, architects, and builders to deliver results. Focusing on markets and locations that have strong fundamentals, GTIS Partners brings capital and expertise to create or enhance the physical built environment that can transform communities. To learn more, visit gtispartners.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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