Lovett, Rosewood to Develop DFW Industrial Complex
This project involves the conversion of a vintage flex office building.
Addison Innovation Center is Lovett Industrial’s sixth development in the Metroplex. Image courtesy of Lovett Industrial and Rosewood Property Co.
Lovett Industrial and Rosewood Property Co. intend to develop Addison Innovation Center, a two-building, 242,062-square-foot industrial complex in Addison, Texas, a Dallas suburb. The partners have recently acquired the project’s 12.2-acre site.
Partners on the development include LGE Design Group as lead architect and Winkelmann & Associates as civil engineer. Colliers International’s Vice President Ben Wallace is handling marketing and leasing efforts, while JLL’s Director Jarrod McCabe is arranging the financing.
The project involves the conversion of a 1996-completed flex office building, that features 31-foot clear heights, into a 140,698-square-foot, Class A office/warehouse property with 10 drive-in doors and dock-high loading capabilities. The campus will also include a to-be-constructed, 101,364-square-foot warehouse, expected to comprise 13 drive-in doors and feature 32-foot clear heights. The property will also feature a 190-foot shared truck court, amenity areas and ample parking.
The industrial park will rise at 16675 Addison Road, close to Addison Airport and interstates 635 and 35. Dallas/Fort Worth International Airport will be 20 miles away, while downtown Dallas will be within 17 miles.
Lovett Industrial’s recent projects in the Metroplex
Addison Innovation Center marks Lovett’s sixth industrial development in Dallas-Fort Worth. The developer’s Metroplex footprint currently comprises more than 5 million square feet in completed and underway projects.
In May, the firm broke ground on the second phase of a 140-acre campus in Dallas expected to measure up to 1.9 million square feet. Work had started on Phase One at the end of 2021.
Another project debuted last November, when Lovett started construction on a 1.1 million-square-foot industrial complex in Forney, Texas. Originally slated for completion in September 2023, the development is yet to be delivered.
The Metroplex shows strong fundamentals
In terms of industrial development, the Metroplex led the South as of October, with a pipeline of more than 42.4 million square feet—the second-largest market nationally, according to a CommercialEdge industrial report. Meanwhile, the vacancy rate clocked in at 4.1 percent, 50 basis points lower than the national average.
Year-to-date sales through the first 10 months of the year amounted to $2.4 billion, the same research reveals. The Metroplex ranked third in the U.S, after the Inland Empire and Los Angeles, which had $3.7 billion and $3.6 billion in transactions, respectively.
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