Growth Spurt for Parc 114

By Liviu Oltean, Associate Editor

Hines and AEW Capital Management have started work on the second phase of Parc 114, a fully leased industrial park in Irving, Texas. The two companies unveiled plans for two new buildings totaling more than 191,000 square feet.

The new additions will be rear-load buildings that will feature 30-foot clear heights, 52-foot column spacing, a 1.8/1,000-square-foot parking ratio, as well as spacious truck courts. The buildings were designed to accommodate tenants with space needs ranging between 16,000 and 135,253 square feet.

Parc 114

Centrally located in the Dallas-Fort Worth Metroplex, the 52-acre, master-planned park was acquired by Hines and AEW in 2014. At the time of the acquisition, the park consisted of six industrial buildings totaling more than 404,000 square feet of space and 18.5 acres of developable land.

According to a prepared statement, the park was acquired for its direct access to DFW International Airport and major thoroughfares, as well as for its tenant base, which includes companies such as Chrysler Group LLC, Nautilus Hyosung America, Nissan and Walgreens.

Leasing, marketing and property management services for the project will be handled by Stream Realty Partners.