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First Industrial Jockeys for DFW Developer Role, Buys 49 Acres for $30-Mil Project

DALLAS-First Industrial is using a 49-acre buy in Pinnacle Park to jockey for positioning as an industrial developer in Dallas-Ft. Worth. Until recently, the Chicago-based firm had stuck to buying existing properties in the metroplex.

By Connie Gore | Updated on February 15, 2001

DALLAS-First Industrial Realty Trust Inc. is jumping into the development fray at Pinnacle Park, buying 49 acres for a $30-million, 862,000-sf spec project. Dirt will start being pushed in 30 days while next week is going to bring a decision on First Pinnacle Business Park’s brokerage firm, says Jeff Gustafson, recently hired regional vice president of First Industrial Development Services. Contracts also are pending for the architect and general contractor.

An official ground-breaking is anticipated within 60 days at the site, located on the west side of Cockrell Hill Road in the 900-acre Pinnacle Park. First Industrial is the third developer in recent weeks to announce a project start in what is turning into a Pinnacle Park land rush. “It’s the development of this era for that part of Dallas,” Gustafson tells GlobeSt.com. The decision also heralds First Industrial’s thrust to become a major developer in Dallas-Ft. Worth.

The Chicago-based industrial real estate firm is nearing completion on the 228,000-sf Addison Tech Center, its first development project since entering the DFW market in the early 1990s. More developments are on the drawing board, but Gustafson isn’t at liberty to talk about them yet. In the next few years, First Industrial plans to pump several hundred million dollars into a development strategy for premier positioning as an industrial developer in the region. First Industrial currently owns about 6.5 million sf, including the recent 25-building acquisition in Valwood park, but all of that has been accumulated in buys of existing DFW structures. “With this project First Industrial will truly establish a presence in the industrial development market in Dallas-Ft. Worth,” says Gustafson.

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