A Dallas real estate investor has teamed with an Atlanta-based developer on a new industrial park in Garland.
Dallas’ Colony Industrial and Huntington Industrial Partners of Atlanta bought more than 21 acres on Marquis Drive near Miller Road for the new warehouse project. The development will include two light industrial buildings totaling 355,071 square feet.
“The Marquis development in Garland is ideally designed for e-commerce distribution and customers requiring space for last-mile delivery,” Lew Friedland, managing director at Colony Capital and head of Colony Industrial, said in a statement. “It’s an excellent example of the properties we have under development that will add to our growing portfolio of infill warehouses in major markets around the U.S.”
Construction will begin in April with completion in late 2019.
The Marquis Development in Garland is one of five warehouse projects Colony Industrial has under construction nationwide. It also has an 110,000-square-foot industrial building under development at 9749 Clifford in northwest Dallas. Other projects are being built in Florida and Nevada.
“We have little to no vacant space available in many of our markets,” Friedland said. “Developing these new projects will provide expansion space for our existing customers as well as enable us to take advantage of the favorable supply/demand balances in these locations.”
Colony Industrial has more than 7.4 million square feet of warehouse space in North Texas, plus buildings in Houston, Austin and San Antonio.
Josh McArtor and Caitlin Clinton of Eastdil Secured brokered the land purchase.
Colony Industrial is a subsidiary of Los Angeles Colony Capital, which owns 40 million square feet of warehouses in the U.S. Development partner Huntington Industrial Partners has multiple warehouse projects in the Dallas-Fort Worth area.