Stream Realty Breaks Ground on 3.4 MSF Dallas-Area Project

20 East. Image courtesy of Stream Realty Partners

Stream Realty Partners has broken ground on 20 East at 12955 FM 2932, a 3.4-million-square-foot, multi-building industrial development in Mesquite, Texas, east of Dallas.

The park is expected to deliver in two phases: The first will include 1.8 million square feet across three warehouses on 192 acres, while the second phase will add three speculative or build-to-suit buildings totaling 1.6 million square feet on 92 acres.

In a prepared statement, Mesquite Mayor Daniel Aleman Jr. called 20 East the largest industrial park in Kaufman County. Matt Dornak, managing director at Stream Dallas, added that the park will bring much-needed industrial space for logistics and distribution tenants on both the eastern side of the Metroplex and the Interstate 20 corridor.

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Upon completion, Phase one’s first building will be 294,063 square feet with a 36-foot clear height and a rear-loading configuration. Buildings two and three will be 1 million square feet and 485,550 square feet, respectively, and will feature 40-foot clear heights and cross-dock configurations. Stream’s Dornak, together with Senior Associate Ridley Culp, will spearhead all leasing efforts at the property.

The industrial campus will take shape at the intersection of Interstate 20 and FM 2932 in Trinity Pointe, Mesquite’s master-planned business corridor, close to Interstates 635, 30, 45 and 35. Downtown Dallas is roughly 25 miles east.

A hot industrial market

The metro Dallas industrial market is seeing vacancy remaining flat despite record-breaking construction, according to a recent report from JLL. Just in the first quarter, 20.3 million square feet got underway.

The warehouse and distribution space in the East Dallas submarket had an average vacancy of 7.3 percent and total availability of 23.5 percent, both on an inventory of 31.9 million square feet. The average asking rent is $5.05 per square foot. About 5.9 million square feet is currently under construction.

In April, a joint venture of Gruene Real Estate Partners, Weber & Co. and the industrial arm of Crow Holdings Development sold the fully leased, three-building, 1.4 million-square-foot Intermodal Commerce Park in Haslet, Texas, to Clarion Partners for an undisclosed amount. JLL Capital Markets brokered the transaction.