Stonemont Financial Group, a private real estate investment firm specializing in industrial development and net lease assets, announced today the completion of construction on three high-profile distribution centers in Metro Dallas while simultaneously unveiling plans for three additional Class A speculative buildings set to get underway in the coming weeks. Totaling 1.1 million square feet, the six buildings reflect accelerated growth and activity for Stonemont in the DFW Metroplex and coincide with the opening of the firm’s new Dallas office.
Stonemont and its development partners successfully delivered a new 202,000-square-foot state-of-the-art last-mile distribution center for a large e-commerce user at the intersection of Airport Drive and Industrial Boulevard in McKinney. The build-to-suit project will allow the user to improve efficiency and delivery services for a wide swath of the northern Metroplex, and is expected to spur job creation and additional economic development opportunities in the surrounding area.
Stonemont also expects to complete their second project in McKinney, Texas, McKinney Airport Center (MAC), by the end of June 2021, which features two speculative industrial buildings totaling 107,300 and 123,885 square feet, respectively. The development can accommodate a broad array of users ranging from 6,000 to full building occupancy, helping to address an existing market void for facilities that offer smaller and more flexible footprints with dock high delivery doors and walk-in pedestrian office space. Located at the intersection of Harry McKillop Boulevard and Airport Drive, MAC offers direct access to McKinney National Airport and features multiple suites, 24 dock doors, 28’-30’ clear height with wide bays, and over 230 parking spaces. MAC has finalized its first tenant, InovaAir, at 13,987 square feet and has signed a 51,000-square-foot lease with an environmentally focused film, bag and resin manufacturer. Stonemont is also currently in negotiation for 66,000 additional square feet with another prospective tenant at the center.
In addition, Stonemont unveiled a new venture to develop a portfolio of Class A speculative industrial projects in Tier 1 markets across the U.S. The venture will invest in land positions for both bulk and smaller infill projects, and commenced with the acquisition of two properties in the North Fort Worth and Alliance submarkets of DFW:
Stonemont’s deep well of experience in Dallas and other major MSAs, along with its foresight in pioneering first-to-market development opportunities, have allowed the firm to consistently generate meaningful returns for its investment partners. The venture is aggressively looking for additional investment opportunities in DFW and other Texas markets.
- One speculative building totaling 213,000 square feet located on FM 156 near Chaplin Drive in Fort Worth, Texas. Estimated delivery: March 2022
- Two speculative buildings totaling 486,000 square feet located at Golden Triangle and Harmon Road in Fort Worth, Texas. Estimated delivery: May 2022.
“Dallas-Fort Worth has clearly emerged as one of the nation’s top industrial markets, and the opening of our new office along with all of the various project milestones we are announcing today signal Stonemont’s intention to make the Metroplex a key cog in our overall national network,” said Zack Markwell, Managing Principal and CEO at Stonemont Financial Group. “Stonemont’s creative vision and ability to source premium speculative opportunities that cannot be replicated within individual markets has enabled us to exceed our investors’ expectations time and again. We anticipate a busy year ahead as we continue to grow at an accelerated pace across the DFW region.”
The new Dallas office is led by Josh Wheeler, Senior Vice President at Stonemont. Wheeler has overseen the development of approximately $1.5 billion of commercial real estate projects in his career, including the redevelopment of the historic Fort Worth stockyards into a vibrant mixed-use entertainment complex.
Burgeoning e-commerce growth continues to fuel exceptional demand for Class A industrial assets in Dallas-Fort Worth. According to a new report from Cushman & Wakefield, the DFW market absorbed nearly 6 million square feet of industrial space in the first three months of 2021, the third-highest Q1 tally nationally. The Metroplex also has more than 24.6 million square feet of new product under construction, the largest pipeline of any U.S. industrial market.
The Stonemont industrial development team currently has more than 4.5 million square feet of Class A product under construction.