GARLAND, Texas--(BUSINESS WIRE)--Sep 5, 2024--
Lovett Industrial, a Houston-based real estate investment firm, in partnership with PCCP, LLC, a national commercial real estate investment firm, is excited to announce the recent groundbreaking of Garland Innovation Center, a 14-acre urban infill development consisting of 241,067 square feet across two Class-A logistics facilities in Garland, TX.
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Garland Innovation Center Rendering provided by Meinhardt & Associates Architects
Positioned directly off Miller Road, a major thoroughfare within this submarket, the Garland Innovation Center will enjoy unparalleled access to the major transportation arteries within Dallas-Fort Worth, and represents one of the last remaining development opportunities within the submarket. The property is expected to be completed in the first quarter of 2025 and will cater to tenants ranging in size from 20,000 square feet to 143,000 square feet. The buildings will comprise 143,537 square feet and 97,530 square feet respectively, and will feature leading edge specifications including 32’ clear heights, 130’ truck courts, 6” reinforced concrete slabs, and dock-high loading with drive-in ramps. Garland has established itself as a highly-sought-after logistics location for tenants serving the local, regional, and national markets. Its robust labor pool, business-friendly environment, and convenient access to all major transportation arteries within the Dallas-Fort Worth area have facilitated Garland’s development into a mature infill market of over fifty-six million square feet.
“With an existing vacancy rate of only 4.6% in Garland, and extremely limited opportunities for newly constructed, Class-A product, we are excited not only to offer the tenants in Garland the opportunity to stay in Garland as their businesses grow but also to attract the next generation of businesses to the City of Garland. We believe the Garland Innovation Center benefits from a wonderful, business-friendly environment, an ideal location, fantastic labor, and best-in-class facilities designed with all our future users’ needs in mind. We are incredibly excited about Garland Innovation Center and look forward to continuing to work within the City of Garland,” said Bennett See, Director at Lovett Industrial.
Marketing and leasing efforts for the park will be exclusively handled by James Mantzuranis and Adam Jones of Stream Realty. Construction financing is being provided by First Citizens Bank. Alston Construction is the General Contractor, Meinhardt & Associates Architects is the lead architect, and Kimley-Horn & Associates is the project’s civil engineer.
Seth Koschak, Matteson Hamilton, Lee Belland III, Trey Mahla, and William Culp with Stream Realty arranged the equity capital for the project while Scott Lewis, Matt Ballard, Christine Dierker, and Brooke Kellam with CBRE arranged the debt financing.
Garland Innovation Center is Lovett Industrial’s eighth industrial development in the greater Dallas-Forth area. Other projects include Trinity West Phases I & II, Innovation Ridge Logistics Park, Wylie Business Center, Addison Innovation Center, Lovett 35 Logistics Park, and Texport Logistics Center. Together, these projects comprise over 5.3 million square feet of completed or under-construction product in Dallas-Fort Worth.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 15 markets across the United States, Lovett Industrial’s portfolio comprises approximately 16 million square feet of completed, acquired, and under-construction warehouses and over 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
About PCCP
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $23.8 billion in assets under management on behalf of institutional investors as of March 31, 2024. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 26-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised, or invested over $41.0 billion of capital through a series of investment vehicles, including private equity funds, separate accounts, and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20240905579802/en/
CONTACT: Lily Aguilar
Liliana.aguilar@lovettindustrial.com
KEYWORD: UNITED STATES NORTH AMERICA TEXAS
INDUSTRY KEYWORD: COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY FINANCE URBAN PLANNING REIT PROFESSIONAL SERVICES BUILDING SYSTEMS ARCHITECTURE ASSET MANAGEMENT RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: Lovett Industrial
PUB: 09/05/2024 03:00 PM/DISC: 09/05/2024 03:00 PM
http://www.businesswire.com/news/home/20240905579802/en
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