Black Creek Group has secured a tenant to occupy DFW North IV, a new Dallas-Fort Worth-area industrial property, in its entirety. With the assistance of Transwestern Real Estate Services, Black Creek signed Teltech Group, a telecom asset management and logistics/supply chain services company, to a 198,900-square-foot lease of the building in Flower Mound, Texas.
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Located on a 17-acre site at 1901 Lakeside Parkway, roughly 5 miles from Dallas Fort Worth International Airport, DFW North IV is a development project of Huntington Industrial Partners. The property was delivered in the fourth quarter of 2019 and changed ownership when Black Creek acquired the asset from Huntington in December 2019, according to Denton County records. Teltech, which presently has warehouses in the nearby towns of Farmers Branch and Coppell, will consolidate its operations at DFW North IV.
Transwestern’s John Fulton and Brett Owens represented Black Creek in the lease transaction, while Tom Walrich and Connor Hunt of Lee & Associates stood in for the tenant. In a prepared statement, Fulton noted that the Flower Mound market has seen impressive growth in recent years, and Teltech is well-positioned to benefit from this space and location.
Demand in Dallas-Fort Worth
In its first quarter 2020 report, Transwestern noted, “While it will take some time for economic impacts of COVID-19 to ripple through to commercial real estate, the Dallas-Fort Worth industrial market—backed by the region’s solid fundamentals—is well-positioned to face whatever the months ahead may bring.” What the months have brought is brisk leasing activity in the form of transactions both large and small. In May, FedEx inked a lease for 750,000 square feet at Trammell Crow Co.’s Cedardale Distribution Center in Dallas, with plans of bringing the facility online in November 2020. Amazon recently signed on for 250,000 square feet at Blue Star Land’s Star Business Park in Frisco. And just as the pandemic was taking hold, KAL Freight Inc. announced it had committed to nearly 50,000 square feet at 600 109th St., Mapletree US Management’s approximately 545,000-square-foot industrial property in Arlington.