Newmark announces that DrinkPAK, a canned beverage manufacturer headquartered in California has closed on two industrial leases totaling 2.9 million square feet in its expansion to Fort Worth, nearly tripling the company’s real estate footprint. These leases represent the largest new industrial occupier leasing commitment completed in a single market across the U.S. this year and are projected to create 1,000 full-time jobs in the area by 2026. Additionally, the city has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.
Newmark Executive Managing Director Patrick DuRoss, SIOR, Vice Chairman John DeGrinis, SIOR, Senior Managing Director Jeff Abraham, SIOR, and Associate Director Javier Galvan, in cooperation with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and Associate Adam Faulk Jr. represented the tenant in the transaction. Newmark has played a pivotal role in aiding DrinkPAK’s expansion since 2020, securing multiple leases totaling over 1.5 million square feet in the North Los Angeles region.
As part of DrinkPAK’s $452 million investment plan to develop the advanced manufacturing assets for the production, warehousing and distribution of various alcoholic and non-alcoholic beverages, the project is expected to bring significant investment to the local community and reaffirm Fort Worth’s ongoing dedication to fostering the growth of industrial-using jobs. Encompassing approximately 1.5 million and 1.4 million square feet, the sites are located, respectively, at Trammell Crow’s development at 25001 Eagle Parkway and at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Companies and Clarion Partners.
Founded in 2020, DrinkPAK is the most technologically advanced manufacturer of canned beverages in the world, providing full-service support for procurement, batching, processing, filling, packaging, warehousing and distribution for both large, complex organizations and high-growth emerging brands.
Stonemont Financial Group, a private real estate investment firm specializing in industrial development, acquisitions and net lease investments, announced that it sold a 218,000-square-foot industrial warehouse to Dot Foods and fully leased an additional 267,000-square-foot warehouse to Giti Tire USA at a new two-building industrial park in Fort Worth, Texas. Both transactions were finalized before completion of construction, which began in Q2 2022.
OmniCable, which was acquired by Dot Foods in 2019, will occupy Building 2 at the industrial center located at 2201 Stonemont Way off Harmon Road in North Fort Worth. OmniCable approached Stonemont to purchase the building during construction and will use the facility for its expansion into Texas, which is expected to become a key focus market for the company given the continued population and jobs boom occurring across the state.
Stonemont also leased the larger Building 1 to Giti Tire USA, which will move into the facility in November. Giti is a global tire manufacturing and distribution company headquartered in Singapore. Similar to OmniCable, Giti signed a lease for the warehouse well before construction was completed.
According to CBRE, the Dallas-Fort Worth industrial market saw its 52nd consecutive quarter of positive net absorption in Q3 of this year, with developers delivering more than eight million square feet of new product. The pre-leased rate for development under construction also increased last quarter, from 17.4% to 21.2%. The CBRE report shows the majority of leasing interest comes from 3PLs, manufacturing and wholesale trade users.
Blaine Kelly with CBRE Atlanta represented OmniCable and Dot Foods in the purchase of Building 2. Becky Thompson with Lee & Associates represented Stonemont in the transactions. Clay Balch and David Eseke of Cushman & Wakefield Dallas and Andrew Morrow and Luke Rivera of Cushman & Wakefield Los Angeles represented Giti Tire USA.
Stream Realty Partners brokered the sale of a 519,905-square-foot industrial park in Fort Worth to a San Diego-based industrial real estate acquisition, development, and asset management firm.
Westcore purchased Railhead Business Station, a four-building campus at 401, 500, 600, and 800 Railhead Road, from a global real estate investment management firm. The project was fully leased to 11 tenants at the time of the sale. The price was undisclosed.
Stream, a national commercial real estate firm offering an integrated platform of services, represented the seller in the transaction. Seth Koschak and Matteson Hamilton, executive managing directors and partners of Stream’s Industrial Capital Markets group–along with Senior Vice President Forrest Cook, Vice President Jeff Rein, Senior Analyst Lee Belland III, Financial Analyst Trey Mahla, and Senior Production Coordinator Haili Rumsey–were involved in the sale. Westcore represented itself.
Railhead Business Station, in the highly coveted infill submarket of Meacham/Fossil Creek in North Fort Worth, is just a few miles north of the Central Business District. The multi-tenant buildings possess a roster of regional and national tenants. Additionally, the project provides immediate access to Interstates 820 and 35W and sits in an enterprise zone offering triple freeport tax abatements.
JLL Capital Markets has closed the sale of Eastchase Market, a 261,730-square-foot retail center located in Fort Worth, Texas.
JLL represented the seller in this transaction.
Built in 1995, Eastchase Market is 91.9% occupied and features a WALT of 5.3 years. Anchor tenants include AMC Theatres, Ross Dress for Less, Spec’s, Big Lots, Harbor Freight Tools and Marshalls. Additionally, the center benefits from its shadow anchors, Target and Aldi. The property has received approximately three million visitors over past 12 months.
Situated at 1600 Eastchase Parkway, the property is strategically positioned along Interstate 30, one of the largest east-west thoroughfares in DFW, providing excellent visibility to nearly 150,00 VPD and unmatched access to the entire DFW Metroplex. Together, with Dallas and Arlington, Fort Worth contributes to the fourth largest MSA, totaling 7.6 million consumers. In addition, within a five-mile radius of the center is a population of 252,400, 8.5 million square feet of office inventory, 41,600 multi-housing units, 99,000 households and $5.7 billion in spending power.
The JLL Retail Capital Markets team was led by Senior Managing Director Adam Howells, Senior Managing Director Barry Brown and Analyst Cole Sutter.
The Woodmont Company is thrilled to announce the beginning of construction for Berkshire Corner at 9937 Blue Mound Road, a highly anticipated 12,002 square-foot shopping center in Fort Worth. Held on June 22nd, the ground breaking ceremony marked a significant milestone for the development and showcased the exciting future ahead for the community.
Berkshire Corner is poised to become a vibrant hub of commerce, featuring establishments such as Jersey Mike’s Subs, Blue Mound Nail Spa, Blue Mound Liquor, Mynt Barbershop, and ProSmiles Dental; leases negotiated by Woodmont agents Jake McCoy and Jack Mock. The successful groundbreaking ceremony signifies the start of construction for Berkshire Corner, as it progresses to deliver a comprehensive selection of amenities and experiences to meet the evolving needs of the north Fort Worth community that will also service areas of Haslet and Saginaw, Texas.
The groundbreaking ceremony took place at the future site of Berkshire Corner, located at 9937 Blue Mound Road, and gathered esteemed guests, community leaders, valued partners and future tenants. The event celebrated the positive impact this development will have on the local economy and community, as well as the diverse range of services it will offer.
Western Specialty Contractors proudly announces the hiring of Ashton House of Fort Worth, Texas, as regional business development manager/region 2 covering Texas, Arkansas and Oklahoma.
In her new role, House is tasked with supporting the sales staff and developing business for Western’s branch offices in Dallas, Houston, San Antonio and Austin, Texas; Little Rock, Arkansas; and Oklahoma City and Tulsa, Oklahoma.
House has eight years of sales experience in modular building office space, having worked with professionals in the general contracting, healthcare, government and oil and gas industries across parts of Dallas-Fort Worth, Texas and New Mexico.
She has a bachelor’s degree from the University of Texas at Arlington and a Master of Business Administration from Texas A&M University-Commerce. When not working, she enjoys traveling and spending time with family and friends.