GTIS Partners Kicks Off DFW Industrial Project
GTIS Partners has commenced construction on 121 Commerce Center, an industrial development totaling 272,160 square feet of space in Grapevine, Texas. Stream Realty Partners will handle leasing operations. The asset is planned to come online in the first quarter of 2025.
In October, Newmark arranged joint venture equity financing for the ground-up project, on behalf of the developer.
The rear-load property is taking shape at 1800 State Highway 121. It will feature 36-foot clear heights, 54 dock doors, two ramp doors and 403 vehicle parking spots. Suites will be available in 90,720-square-foot configurations.
The 17-acre industrial development is near Interstate 635 and within 4 miles from Dallas Fort Worth International Airport, 18 miles from Dallas Love Field Airport, 22 miles from Dallas and within 29 miles of Fort Worth, Texas.
Stream Realty Partners Senior Vice Presidents Sarah Ozanne and Mac Hall will lead leasing efforts for the industrial project, while GTIS Partners Managing Director Gaurav Sahay, Acquisitions Associate Macklin Grant, and Vice President Amanda Matthews are overseeing the development and asset management at 121 Commerce Center.
The second-largest pipeline in the U.S.
As of February, Dallas had the second-largest industrial pipeline in the U.S. and led the Southern region, a recent CommercialEdge report shows. With a total of 27.2 million square feet in its pipeline—2.9 percent of existing stock—the Metroplex was outperformed only by Phoenix, which had 42.7 million square feet.
Earlier this month, a joint venture of MBK Industrial and Hopewell Development started work on a 173,680-square-foot project in Irving, Texas. Colliers is in charge of leasing.
EastGroup Properties’ Denton Exchange 35 is another significant development in the Metroplex. The company broke ground earlier this month and tapped Stream Realty Partners as leasing agent.
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