Mesquite’s Pro-Business Stance Attracts Developers, Buyers

MESQUITE, TX—Mesquite continues to reel in developers and buyers alike. One notable development project, Urban District 30, a nearly 1 million square foot master-planned industrial park, is underway, according to Urban Logistics Realty, a newly formed Dallas-based investment firm focused on industrial acquisitions and development.

The project is a joint venture between Urban Logistics Realty and a private real estate equity fund advised by Crow Holdings Capital. Urban District 30 will be a class-A industrial project located at the northeast intersection of Interstate 30 and Interstate 635.

“This project fits perfectly within ULR’s strategy of developing logistics-related projects within urban locations here in Texas,” said Adam Herrin, co-founder of Urban Logistics Realty.

With an anticipated completion in third quarter 2020, Urban District 30 will consist of a five-building 980,000-square-foot industrial business park with visibility along and access to Interstate 30. Moreover, Urban District 30 will offer a variety of building configurations to tenants.

“As one of the last remaining opportunities in East Dallas for investors to obtain urban in-fill locations with substantial scale, Urban District 30 is a great addition to the DFW industrial market,” said Jason Nunley, co-founder of Urban Logistics Realty.

The project is expected to generate more than 500 jobs.

“The city council’s focus includes more jobs and economic growth in our community,” says Bruce Archer, Mesquite mayor. “This project and partnership supports that focus.”

The project is located in the Northeast Dallas submarket, a top submarket with ample labor supply and prime highway infrastructure. The area has proven to have strong tenant demand and access to labor for both distribution and manufacturing tenants, which warranted such a significant investment in this area.

“The increasing tenant demand and limited supply of functional industrial space in northeast Dallas positions this development very well in the market,” said Matt Dornak, vice president of Stream Realty Partners. “We are confident that the project will see fast success, proving to be a top-tier location for future tenants.”

Dornak, along with Stream Realty Partners’ Blake Kendrick, managing partner, and Drew Feagin, senior associate, will oversee the leasing and management of the project.

“The project will be a fit for all e-commerce/distribution tenants, manufacturers and service-based tenants or tenants that require higher visibility and access with heavier office/showroom buildout,” Dornak tells GlobeSt.com. “The diverse product type was strategically designed to attract a wide variety of users of various sizes that meet the East/Northeast Dallas market.”

Dornak goes on to say that Mesquite is a desirable hub for this large facility not only because of its infrastructure benefits, i.e., access to interstates 30 and 635, but also its suburban location in close proximity to the Dallas CBD.

“In-fill, great labor, close proximity to rooftops and high visibility from Interstate 30 are some of the reasons,” he tells GlobeSt.com. “Mesquite is pro-business.”

Additional partners in the development include MYCON General Contractors and GSR Andrade Architects. JLL arranged the capital for the project, including the construction loan with Comerica Bank.

In other Mesquite news, the Marketplace at Towne Center, a 180,522-square-foot retail center recently sold to a private local investor. The seller was Retail Value Inc.

Situated on 20.48 acres, Marketplace at Towne Center is at the northwest corner of US 80 and Interstate 625 (Lyndon B. Johnson Freeway), a heavily trafficked intersection with more than 288,000 vehicles per day and supported by $7.3 billion in spending power within a five-mile radius. The retail center is adjacent to the 1.4-million-square-foot Towne East Mall in an area of high density. Nearly 132,000 residents earning an average annual household income of $58,873 live within a three-mile radius of the property.

Marketplace at Towne Center is home to PetSmart, Ross Dress for Less, Old Navy, Dress Barn, Five Below, Famous Footwear, Applebee’s and others. It is also shadow anchored by a Kohl’s and Home Depot.

JLL marketed the property on behalf of the seller. The JLL capital markets team was led by senior managing directors Barry Brown, Chris Gerard and Ryan Shore, director Aaron Johnson, and analysts Ross Crawford and Matthew Wheeler.