Urban Logistics Realty Breaks Ground on Urban District 30
DALLAS (January 13, 2020) – Urban Logistics Realty, a newly formed Dallas-based investment firm focused on industrial acquisitions and development, is proud to announce the groundbreaking of Urban District 30, a nearly one million square foot master-planned industrial park in Mesquite, TX. The project is expected to generate more than 500 jobs.
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 strategically located at the northeast intersection of I-30 and I-635. 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 great visibility along and access to Interstate 30. Urban District 30 will offer a variety of building configurations to tenants appealing to a wide variety of businesses looking for spaces in this dynamic area.
“We’re thrilled to have begun construction on this project and are grateful for the help from the city of Mesquite,” said Jason Nunley, co-founder of Urban Logistics Realty. “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.”
“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.
City of Mesquite Mayor Bruce Archer said, “The City Council’s focus includes more jobs and economic growth in our community. This project and partnership supports that focus.”
The project is located in the Northeast Dallas Submarket, a top submarket with ample labor supply and excellent 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. Additional partners in the development include MYCON General Contractors and GSR Andrade Architects. Jones Lange Lasalle arranged the capital for the project, including the construction loan with Comerica Bank.