Developer plans speculative industrial building in far north Fort Worth

Posted Tuesday, Aug. 13, 2013  comments  Print Reprints

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IDI, an Atlanta-based industrial real estate developer, said it expects to begin construction in late September on a sizable speculative building in far north Fort Worth.

The building will join other large industrial projects announced for the improving north Fort Worth submarket. The planned projects are not pre-leased, a switch for developers who in the past several years wouldn’t take on the risk of building unless some tenants were lined up.

IDI plans a 733,200-square-foot building in the Speedway Distribution Center, off Three Wide Drive, in the part of Fort Worth that sits in Denton County, said Doug Johnson, senior vice president and managing director of IDI’s Dallas and Houston office.

Construction will take eight to 10 months. The site is west of Texas Motor Speedway in an area near GE Transportation’s locomotive plant.

“Alliance has leased a lot of space in the last six quarters and there’s not a lot of space available,” said Johnson, referring to developer Hillwood’s Alliance industrial corridor along Interstate 35W in far north Fort Worth.

“It’s timely to build,” he said.

A market report by real estate researcher Xceligent finds that the north Fort Worth direct vacancy rate, or the vacant square footage being marketed for lease, fell to 8.3 percent at the end of June from 10.8 percent at the end of March.

IDI bought land in north Fort Worth in 2007 and planned a development in phases, the first of which included 2.1 million square feet in four buildings. IDI built a 672,678-square-foot distribution facility in 2008 that sat unused until it was expanded to more than 900,000 square feet and sold to General Electric Co. last year.

In January, GE Transportation began building locomotives at the plant, at 12850 Three Wide Drive, with plans to build mining equipment in an adjacent building.

In March, Hillwood said it is building a speculative 1.2-million-square-foot industrial building at the northeast corner of I-35W and Eagle Parkway. Hillwood said it will be the largest in Alliance and its first speculative building since 2008.

In June, Trammell Crow started plans to re-plat 314.4 acres of the former Intel Corp. site just north of Alliance Airport into 12 industrial lots for future development.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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