Stonemont Financial Group, a privately held real estate investment firm specializing in industrial development and net lease assets, announced today that it has commenced construction of two Class A industrial buildings in McKinney, Texas, marking the firm’s second venture in the Dallas-Fort Worth area. Located less than half a mile from McKinney National Airport, the new 231,000-square-foot complex will help fulfill burgeoning demand for last-mile and infill industrial product in the region.
Known as McKinney Airport Center (MAC), the project will include two industrial facilities totaling 107,300 and 123,885 square feet that will feature multiple suites, 24 dock doors, 28’ – 30’ clear height with wide bays and over 230 parking spaces. The development can accommodate a broad array of industrial users ranging from 6,000 to 100,000 square feet, helping to address an existing market void for facilities that offer smaller and more flexible footprints. The project is scheduled to deliver in Q1 2021.
McKinney Airport Center sits at the intersection of the recently completed Harry McKillop Boulevard and Airport Drive, just 3.5 miles east of US Highway 75 and State Highway 121. The development will have direct access to the airport, which is currently undergoing a significant terminal expansion project for future commercial flights. MAC will enable local businesses to operate in closer proximity to their customers and distribution partners, and creates a new base for last-mile logistics providers that seek to improve efficiencies and delivery capabilities in the northern Metroplex.
The transaction builds on Stonemont’s impressive track record of developing Class A industrial projects featuring proximity to transportation hubs and major population centers, with the firm also recently finalizing plans for a new state-of-the-art distribution facility just down the road in McKinney at Airport Drive and Industrial Boulevard. Other notable projects recently completed by Stonemont include the development of four class A industrial warehouse facilities in Stonemont’s 1,200 acre industrial park in Savannah, GA near the fastest growing port in the United States and the development of two Class A industrial warehouse facilities near the new Amazon Prime air hub under construction at Cincinnati/Northern Kentucky International Airport.
“We are pleased to expand our footprint in the DFW Metroplex, which has quickly become one of the nation’s most competitive industrial markets thanks to its business-friendly environment and strong transportation and logistics infrastructure,” said Zack Markwell, Managing Principal and CEO of Stonemont Financial Group. “We are already fielding heavy interest from a variety of users seeking to capitalize on the inherent advantages that come with this location, and look forward to sharing more news on our progress in the months ahead.”
Construction at the site is now underway. The project is being overseen by Stonemont’s DFW office, which is managed by Josh Wheeler. Dallas-based Somervell Commercial Realty is serving alongside Stonemont as development manager for the project. Other project partners include Bob Moore Construction, Callaway Architecture and Lee & Associates, as the leasing representative for the project.
Somervell Commercial’s Jesse Pruitt stated “the project is ideal for industrial tenants that need space from 10,000 to 20,000 square feet.”
According to a recent report from Avison Young, Dallas-Fort Worth has the nation’s largest development pipeline, with more than 36 million square feet of industrial product currently under construction. 67% of that space is pre-leased, illustrating the heavy demand for new Class A space.
The Stonemont industrial development team currently has in excess of $8 million square feet under construction. The leadership team has more than 100 years of combined real estate expertise, and has conducted more than $20+ billion in total transactions at the national and international levels. The company combines the experience and resources of a large institution with the creativity and flexibility of an entrepreneurial firm.
