Newmark announces it has secured the joint venture equity placement for the development of TriStar Business Park, a two-building, 173,680-square-foot industrial project located in Irving, Texas. The project is expected to deliver in Q4 2024.
Newmark Capital Markets’ Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa and Managing Director Zach Riebe arranged the joint venture between the investor, MBK Industrial Properties, and the sponsor, Hopewell Development.
“TriStar Business Park is a remarkable addition to Hopewell’s already impressive real estate portfolio,” said Riebe. “We are thrilled to have secured equity for this highly anticipated industrial development.”
Building 1, located at 7815 Jetstar Drive, will comprise 69,160 square feet; and Building 2, located at 7810 Jetstar Drive, will total 104,520 square feet, divisible down to 52,000 square feet. The buildings will feature 32’ clear heights, ESFR sprinkler systems, 100+ parking stalls, 8+ dock-high doors, grade-level doors with ramps and 130-140.5’ truck courts.
“The DFW Airport submarket continues to be our most sought-after submarket for capital and tenants,” said Volz. “Our team was pleased at the opportunity to further our business pursuits with Hopewell as the company introduces this exciting project to the market.”
Situated at the corner of HWY 114 and Jetstar Drive, the project is within close proximity of the Dallas/Fort Worth International Airport and the Dallas Central Business District. Neighboring warehouse tenants include Honda, Subaru, Coca-Cola, Samsung, Canon and Boeing, among many others.
About Hopewell Development
Headquartered in Calgary with offices in Toronto and Phoenix, Hopewell Development LP (“Hopewell”) is the commercial development division of the Hopewell Group of Companies. For almost 30 years, businesses of all sizes and in all industries have trusted Hopewell, one of North America’s leading commercial developers, to deliver intelligent and highly personalized real estate solutions.
From site selection, planning and design, to financing, construction management and leasing, Hopewell’s team of experienced associates delivers customized solutions that meet the needs of tenants and owners through every phase of the development process.
Hopewell has an extensive track record in all aspects of commercial real estate development and currently has active projects in various stages of development in Vancouver, Edmonton, Calgary, Winnipeg, Toronto, Phoenix, Las Vegas and Dallas/Fort Worth.
About MBK Industrial Properties
MBK Industrial Properties (mbkindustrialproperties.com), a wholly owned subsidiary of MBK Real Estate, is an active investor and developer of industrial real estate for speculative and build-to-suit development projects across the US western markets and Texas. MBK Real Estate (mbk.com) is a leading developer and investor in senior living communities, multi-family residential and industrial real estate. Founded in 1990, MBK brings three decades of experience developing, acquiring and operating award-winning projects and providing outstanding standards of service. MBK Real Estate is a wholly owned subsidiary of Mitsui and Co. Ltd., a global Fortune 500 company.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of June 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with over 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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