ForeFront JV Lands $77M for DFW Industrial Project
Affinius Capital originated the financing.
ForeFront Commercial Real Estate, along with an Ares Management Real Estate fund, has obtained a $77.4 million loan to finance the development of West Worth Commerce Center, a 992,000-square-foot industrial campus in Fort Worth, Texas. Affinius Capital originated the loan.
West Worth Commerce Center is set to include four buildings with 32-foot to 36-foot clear heights, 274 dock-high doors, 12 drive-in doors, and parking for 235 trailers and 912 cars. The property is just off Interstate 820 between interstates 30 and 20, providing connectivity to the Metroplex area.
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The development is about 35 miles from DFW International Airport and 45 miles from Dallas Love Field Airport. The location serves the area’s growing e-commerce, logistics and distribution needs, and the west Fort Worth submarket in particular demonstrates robust absorption, Affinius Managing Director Tom Burns said in prepared remarks.
Affinius Capital, previously known as USAA Real Estate and Square Mile Capital Management, is an institutional real estate investment firm with about $64 billion in assets under management. Last year, the company provided part of the financing for Edenvale Industrial Park, a 636,000-square-foot project in San Jose, Calif.
DFW industrial boom moderates
Industrial development in the Dallas-Fort Worth market slowed in the third quarter of 2024, according to a Colliers report. Construction activity was down to 19 million square feet, the smallest total since Q2 2017, marking a 5 percent quarter-over-quarter drop.
The decrease came on the heels of a spurt of development in response to pandemic-era demand for product. Following eight consecutive quarters of new supply of more than 10 million square feet, the third quarter deliveries dropped sharply, to 5.8 million square feet.
There is still some overhang of space, however. The vacancy rate thus remained unchanged from the previous quarter, staying at 9.6 percent, the report shows.
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