Real Estate

Capstar JV to Develop 757 KSF Dallas Facility

Capstar Real Estate Advisors has formed a joint venture with a yet-to-be-named capital provider to develop a 756,668-square-foot industrial project in Mesquite, Texas. JLL Capital Markets worked on behalf of the sponsor to arrange the equity partnership.

The developer already fully preleased the warehouse to Canadian Solar, a solar panel manufacturer, which will utilize the building as a distribution center for its adjacent manufacturing facility.

Construction on the project is expected to start later this quarter, with completion scheduled for early 2025. The Class A building is set to feature 40-foot clear heights, 351 vehicle parking spaces and 134 trailer stalls. Additionally, there will be 109 dock-high loading doors.

The facility will rise on 40 acres at 2800 Skyline Drive, within the East Dallas submarket, some 11 miles from downtown Dallas and 31 miles southeast of Dallas-Fort Worth International Airport.

The JLL Capital Markets team included President Jody Thornton, Senior Managing Director Trent Agnew, Director Tom Weber and Analyst Greer Shetler. In October, Agnew and Weber were part of the group that represented Affinius Capital in the sale of Southfield Park 35 – Building 5, a 489,310-square-foot industrial facility within the South Dallas submarket.

Dallas’ top-ranking industrial pipeline

Even though industrial project starts in Dallas slowed down, the metro is still leading nationally in terms of new development, according to the latest CommercialEdge industrial report. Some 26 million square feet broke ground last year as of November, compared to 49 million square feet during the same period of 2022.

Stillwater Capital is working on the first phase of 121 Technology Park, an 84-acre mixed use development in Allen, Texas, which is set to include four buildings totaling some 370,000 square feet. Additionally, Falcon Commercial Development partnered with Diamond Realty Investments for the construction of a 238,289-square-foot facility. Completion is scheduled for later this year.

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