Starwood Provides $63M for South Dallas Project

CORE45. Image courtesy of CESO Inc.

A joint venture between TRG and Grandview Partners has secured a $63.4 million construction loan for the development of CORE45, a 1.6-million-square-foot industrial project in Wilmer, Texas, Dallas County records show. Starwood Property Trust provided the mortgage for the two-building industrial park.

The January groundbreaking of the project marked national developer TRG’s entry into the Dallas-Fort Worth market. The Class A industrial development is expected to come online in the first quarter of 2023.

The owners appointed Threecore, a general contractor and full-service construction firm, to design and deliver CORE45, in cooperation with its sister company, CESO Inc. Stream Realty Partners is marketing the property aimed at tenants looking for 300,000 square feet of industrial space or more in South Dallas. The leasing team includes Managing Director Matt Dornak, Vice President Luke Davis and Associate Ridley Culp.

A closer look at CORE45

Both structures will offer build-to-suit office segments, a cross-dock design and 40-foot clear heights. The first building will encompass 616,068 square feet and will feature 110 dock doors along with 151 trailer parking spaces and 306 car parking spots. The larger, second facility will reach 1,027,068 square feet and will have 186 dock doors and 252 trailers and 594 employee parking spaces.

CORE45 will take shape at 1690-1700 E. Pleasant Run Road, surrounded by notable tenants such as Amazon, Ace Hardware, Frito Lay and Unilever, among others. The industrial complex will be within a mile of Interstate 45 and the Union Pacific Dallas Intermodal Terminal and 5 miles from Interstate 20. Downtown Dallas is less than 16 miles north.

A healthy industrial market

The Dallas-Fort Worth market closed 2021 with 24 million square feet of industrial space delivered, representing 3.0 percent of total inventory, according to CommercialEdge. In 2021, the metro completed the most industrial space across the U.S., followed by Chicago (23.5 million) and Houston (17.3 million).

Despite unprecedented construction activity in 2021, industrial developers remain eager to develop new space in the Dallas-Fort Worth market. For instance, Dalfen Industrial has more than 3.7 million square feet of industrial space in DFW and plans for expansion.

As of January, the Metroplex had more than 38.8 million square feet of industrial projects underway, accounting for 4.7 percent of the overall stock, with another 10.0 percent of total inventory in the planning stages, CommercialEdge data shows.