The former High Point Church property in far southeast Arlington has been bought for an industrial park development.
Dallas-based Ridge Development and Invesco, a global investment management firm, said Tuesday that they will start construction this year on a 1.6 million-square-foot industrial development called Park 20/360 on 119 acres at the northwest corner of Interstate 20 and Texas 360.
The speculative, eight-building project will be completed in phases, with the first phase of four buildings slated for completion in early 2017, the partnership said.
Ridge, the industrial development arm of Transwestern Development, called the site a “premier location,” adjacent to the Great Southwest Industrial Park.
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The partnership closed on its purchase of the property March 8, according to deed records.
The confluence of a thriving Texas economy with continuing solid fundamentals, record-setting occupancy within the Great Southwest Industrial District, a diverse commercial make-up in Dallas-Fort Worth and an outstanding location warrant the development of such a large project on a speculative basis.
Kent Newsom, Ridge Development executive vice president
“The confluence of a thriving Texas economy with continuing solid fundamentals, record-setting occupancy within the Great Southwest Industrial District, a diverse commercial makeup in Dallas-Fort Worth and an outstanding location warrant the development of such a large project on a speculative basis,” Kent Newsom, executive vice president at Ridge Development, said in a statement.
Park 20/360 will offer tenants distribution, warehouse and flexible capabilities, he said. The park will have more than 1,300 parking spaces. The buildings in Park 20/360 will accommodate tenants from 20,000 square feet to 715,000 square feet.
The first phase of construction will include four buildings totaling more than 1.2 million square feet and should be ready by early next year, the developer said.
The second phase will also have four buildings, but total 356,060 square feet. Construction on those will start in the third quarter of 2017 and be completed in the second quarter of 2018, the company said.
Transwestern will handle leasing at the park, to be located just east of the Arlington Highlands shopping development on the north side of Interstate 20.
The property was sold by the Evangelical Christian Credit Union in Brea, Calif., which foreclosed in July 2014. The church owed the credit union $31.5 million, but walked away from the property in June 2014 after the lender called the note. High Point bought the property, a former Johnson & Johnson campus, in 2002.
Ridge Development has developed more than 138 million square feet of industrial and distribution space in the U.S. and Mexico.