A joint venture between MBK Industrial Properties and Hopewell Development has broken ground on Tristar Business Park, a two-building industrial campus in Irving, Texas. Colliers will be in charge of leasing at the 173,680-square-foot project.
The developer obtained a $17.6 million construction loan from American Momentum Bank in December last year, according to CommercialEdge data.
Building One will measure 69,160 square feet and will feature eight dock-high loading doors and one drive-in door with ramp, 130-foot truck courts, 100 vehicle parking stalls and 40- by 52-foot column spacing.
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The 104,520-square-foot Building Two will have 10 dock loading doors, 140 car stalls, two drive-in doors with ramps, 140-foot truck courts and 52- by 50-foot column spacing. Both facilities will have 32-foot clear heights.
Rising at 7810 and 7815 Jetstar Drive, the property will have direct access to Highway 114 and will be close to the Dallas Fort Worth International Airport. Downtown Dallas is some 17 miles away, while downtown Fort Worth is roughly 27 miles southwest.
Tristar Business Parks will also be within 3.5 miles from DFW Park 161, a 197-acre master-planned industrial campus where LKQ Corp. signed a 523,260-square-foot lease.
Colliers Executive Vice President Greg Cannon and Associate Colin Penny are in charge of leasing the development. In February, another Colliers team represented the landlord in a 142,100-square-foot leasing agreement at Barker Cypress Distribution Center in Cypress, Texas.
The Metroplex’s high-performing industrial sector
Dallas had the second-largest industrial pipeline as of February, with a total of 27.2 million square feet under construction, according to the latest CommercialEdge industrial report. Only Phoenix surpassed the Metroplex with almost 42.7 million square feet underway. Additionally, the vacancy rate clocked in at 4.7 percent during the same period, 30 basis point lower than the national average.
Last week, EastGroup Properties started construction on Denton Exchange 35, a 244,000-square-foot industrial campus. The two-building project is rising on a 20-acre site.
In January, Jackson-Shaw partnered with Compatriot Capital for the development of Lakeview Business District, a more than 1.8 million square-foot park in Rowlett. Built in two phases, the campus is expected to consist of seven building upon completion.
