Clarion Partners and a Crow Holdings Capital-advised real estate fund have signed a roughly 1 million-square-foot lease with HomeGoods in South Fort Worth, for a build-to-suit facility that will serve as regional distribution hub for HomeGoods and its Homesense subsidiary, Commercial Property Executive reported.
The build-to-suit agreement spans 20 years.
“Located within the 556-acre Carter Park East, the new tenant’s building will encompass roughly 100 acres,” Commercial Property Executive reported. “Managing Director & Partner Seth Koschak, Senior Associate Jeff Rein and Vice President Forrest Cook from Stream Realty Partners represented the landlord, while CBRE Vice Chairmen Tony Kepano and Nathan Lawrence worked on behalf of the tenant.”
Clarion Partners and Crow Holdings Capital, in partnership with Rob Riner Cos., announced in July last year they acquired the 556 acres to “develop a state-of-the-art industrial and logistics park totaling approximately seven million square feet.”
The group said at the time it will develop the master-planned Carter Park East in “multiple phases, including speculative and built-to-suit construction, in addition to critical road infrastructure.”
“Across the country, we continue to experience resilient demand for industrial space, particularly in high-growth Dallas-Fort Worth,” Matt Colter, managing director of industrial at CHC, who is partnering with Rob Riner as primary developers, said in July last year.
“This is a long-term focus for us and an incredible opportunity to partner with market leaders like Clarion and Rob Riner in a submarket where we’ve experienced some recent success.”
The group said in July last year it estimated delivery date for the first speculative phase of development, including improvements to Oak Grove Road, in summer 2021. “The largest areas of the site will be marketed for build-to-suit users,” the group said then.
“The site dimensions at Carter Park East are wide enough to capture a large bulk user up to 1.8 million square feet in this coveted location,” Colter said. “We are developing all new roads adjacent to the site for seamless access. Tenants frequently talk about the labor advantage at this location. Altogether, this project should compete well across any range of industrial users looking for space in DFW.”
“For such a big site, it is very infill,” Andy Lowe, Clarion managing director, said then. “Carter Park East’s location will provide tenants the access, labor, amenities, and functional modern distribution product that has, historically, not been available in South Fort Worth.”
“In 2006, we developed a vision for this site,” Riner said then. “It has been many years in the making, but today, we’re excited to see this vision realized. This site is the hole in the map for bulk e-commerce, food, manufacturing, and distribution-type users that would benefit from expanding the coverage of their network with a facility in South Fort Worth.”
Clarion Partners is a leading real estate investment management company headquartered in New York. It was founded in 1982 and is an SEC-registered investment adviser with over $56 billion in total assets under management.
Crow Holdings Capital is the real estate investment management company of Crow Holdings. Crow manages $10 billion of real estate assets through eight funds invested across property types in the United States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is privately owned, with a 70-year history.
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