Two Texas developers have joined forces on a new redevelopment project in North Dallas.
Houston developer Lovett Industrial has partnered with Dallas-based commercial property firm Rosewood Property Co. to transform a former call center building in Addison into a new industrial business park called the Addison Innovation Center (AIC), according to a news release.
Built in 1996, the former 140,698-square-foot call center building is situated on 12.2 acres along Addison Road and Excel Parkway.
In addition to converting the former call center building into a multitenant warehouse property, the two developers also plan to add a new 101,000-square-foot building to the site. In total, the AIC is expected to consist of 242,062 square feet spread across two Class A industrial buildings.
Building 1 will be converted to a Class A office/warehouse facility with dock-high loading capabilities while Building 2 will be a newly constructed 101,364 square foot warehouse featuring Class A specifications. The AIC will include a shared truck court, excess auto parking, amenity areas, and surplus power.
According to Lovett Industrial Director Colby Everett, functional industrial space in infill Dallas is seeing significant “tenant demand.”
“This represents a rare opportunity to deliver top-tier logistics product to a supply-constrained area facing a shortage of comparable inventory,” said Everett in a statement.
“We look forward to partnering with the City of Addison to retain and attract great companies,” and “we are grateful to have a team that can execute on a project like this,” he added.
Since the development site is located in the heart of North Dallas, it allows for access to the Dallas North Tollway and the President George Bush Turnpike, as well as proximity to other major arterials, including I-635 and I-35.
“We’re always searching for quality industrial opportunities and were attracted to Addison Innovation Center due to its infill location and the lack of available Class A inventory,” said Rosewood VP Brandon Cooke. “Lovett Industrial has a great track record, and we are thrilled to partner with them on this exciting project.”
Colliers International is handling marketing and leasing efforts for the AIC, while financing for the project was arranged by Dallas-based commercial real estate agency JLL (Jones Lang LaSalle). LGE Design Group is the project’s lead architect and Winkelmann & Associates is serving as the project’s civil engineer.
As growth expands outward from Dallas to cities like Addison, Plano, and Frisco, local building officials must find a way to draw new projects to undeveloped parts of Dallas. While facilitating economic activity is a main goal of the City, long turnaround times and frequent delays with commercial permitting have hindered local development, as reported by The Dallas Express.
