ENNIS, TX-RealEstateAAA.com has finalized plans for a 460-acre industrial park at the southwest corner of Interstate 45 and Highway 287 Bypass. The rail-served park, dubbed Ennis Gateway Industrial Park, is located about 20 miles south of Dallas.
Ennis Gateway Industrial Park can accommodate more than 7.3 million square feet of warehouse distribution, manufacturing and telecommunication call center space. The total build out value is estimated at roughly $300 million, according to Alex Hancock with RealEstateAAA, a Gilbert, AZ-based company that specializes in land investments. Hancock is one of three RealEstateAAA principals; the other two are Bill Olsen and Bryan Morganstern.
RealEstateAAA just completed the final piece of a four-parcel assemblage and has already obtained M-2 zoning (Heavy Industrial). The company has been working with both the Texas Department of Transportation and Union Pacific to obtain access to Highway 287, Interstate 45 and rail lines.
“The zoning is unique because it allows for a lot of different uses,” Hancock tells GlobeSt., adding that the site is ideal for automotive manufacturing.
RealEstateAAA, which has projects in Arizona and California in addition to Texas, spent more than three years laying the ground work for the industrial park, Olsen tells GlobeSt. The project required that a portion of land be annexed by the city of Ennis.
“This site is located directly in Texas’ path of industrial growth,” Olsen says. Ennis Industrial Park, for example, is located directly across the street from the RealEstateAAA site.
Companies such as Sterilite, CVS Pharmacy, ASMO, JTEKT, Lowe’s, PetsMart, Sherwin Williams and National Envelope have distribution facilities in Ennis Industrial Park, which has now attracted more than $500 million in tenant investment. Most recently, Sysco Foods purchased about 255 acres in Ennis Industrial Park for a 2-million-square-foot distribution warehouse.
“Ennis Gateway will take up where Ennis Industrial Park leaves off,” Olsen explains.
RealEstateAAA plans to either partner with an industrial developer or institutional investor to develop the park or sell sites within the park to end-users. The company is finalizing an agreement with a third-party real estate firm to handle property sales.
Currently, RealEstateAAA is marketing the park in bulk at 68 cents per square foot. Developed pad sites will begin at $1.50 per square foot.
The company has designed a site plan for Ennis Gateway Industrial Park, but Olsen says RealEstateAAA can deviate from the plan if user demand requires it. “We're unique in today's environment because we own the land outright and can make decisions without needing lender approval,” he notes, adding that the company plans to bring sewer/water, electric and gas to the site, along with constructing roads around the perimeter of the site.
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