Creation is partnering with some heavy hitters to put its mark on Dallas-Forth Worth’s industrial market.
The Dallas-based real estate company closed on a deal to buy land for an industrial development in Dallas; it’s also starting construction on a separate industrial project in Fort Worth, the company said in a release.
Creation and partner PGIM Real Estate bought a 36-acre plot at the intersection of interstates 35 and 635 in Farmers Branch. The venture is developing 635 Exchange at the spot, a former landfill.
The project will consist of three buildings totaling 600,000 square feet.
In North Fort Worth, Creation is partnering with a fund advised by Crow Holdings Capital to develop Triad 820. The three-building, 137,000-square-foot logistics center will be situated on 9 acres along Anderson Boulevard.
It will be the firm’s fourth project in North Fort Worth.
The location of each development provides easy access to DFW International Airport.
Vacancy in Dallas-Fort Worth’s industrial market has been on the rise this year due to a surge in deliveries.
Vacancy was at 9.7 percent halfway through the year, an increase from a year before when the rate was 6.8 percent, according to Partners Real Estate.
Even so, average asking rents are on the rise — up 2 percent from the first quarters and up 9 percent from the year before.
Creation was founded in 2020, and its $17 million Dallas headquarters opened last year. It has $280 million in industrial projects under construction. The firm plans to get into mixed-use development next year.
Read more
Creation Equity offloads Fort Worth warehouse it delivered last year
DFW’s biggest industrial sales of 2023
Industrial vacancy rises after onslaught of development
