A rendering of the First Park 121 industrial project in Lewisville, TX.
LEWISVILLE, TX—Chicago-based First Industrial Realty Trust has launched the first phase of its First Park 121 project consisting of two buildings totaling more than 345,000 square feet of industrial space.
The First Park 121 is being developed on a recently acquired 84-acre site in this Northwest submarket of Dallas. First Industrial will break ground this month on phase one of the park involving two rear-load facilities of 219,808 and 125,267 square feet, respectively. First Industrial estimates the total estimated investment for the two buildings at $27.5 million. In total, the First Park 121 development could accommodate four warehouse/distribution buildings totaling up to 727,000 square feet.
Located at Midway Road and FM 544 in Lewisville, the site provides access to SH-121, with close proximity to I-35E, the North Dallas Tollway and is seven miles from both Plano's Legacy Business Park and Frisco's $5-Billion Mile. Building A will feature a 32-foot clear height, 50 dock-high door positions, two ramps, 53 trailer stalls, 222 auto stalls and ESFR sprinklers. Building B will also feature a 32-foot clear height, as well as 29 dock-high door positions, two ramps, 168 auto stalls and ESFR sprinklers. The remainder of the site is presently available for customers seeking build-to-suits ranging from 125,000 square feet up to 260,000 square feet, First Industrial Realty reports.
“Fundamentals in the Northwest Dallas submarket are strong, supported by the growing regional economy and population that is driving business expansion,” said Robert Allen, regional manager and market leader for First Industrial in Dallas. “We believe First Park 121 will be an attractive home for a range of potential customers looking to serve the Dallas/Fort Worth region and the growing local consumer base.”
Adam Graham and Mark Graybill of Lee & Associates assisted First Industrial with the land acquisition. They will also handle the leasing for First Park 121. Alliance Architects will serve as architect for the project and Arch-Con Construction will serve as general contractor.
In the third quarter, including First Park 121 First Industrial expects to start development on four projects totaling 1.2 million square feet with an estimated total investment of $96 million and a weighted average cash yield of 6.7%.
The other three projects to be started in the third quarter are: First Aurora Commerce Center, Denver, (556,000 square feet, $38.3 million estimated investment); First Perry Logistics Center, Inland Empire East, (240,000 square feet, $20.5 million estimated investment) and the First Glacier Logistics Center, Seattle, (67,000 square feet, $9.9 million estimated investment).
First Industrial Realty Trust owned or had under development approximately 63.9 million square feet of industrial space as of June 30, 2018, including 5.2 million square feet in Dallas.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
