Crow Holdings plans $40M industrial in Dallas – Robert Khodadadian
It’s business as usual for Harlan Crow’s Crow Holdings, which is planning yet another industrial project.
The Dallas real estate stalwart filed to build a 405,000-square-foot industrial property at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building has an estimated build cost of $40.7 million.
Work is expected to begin in August and run through next December. The project is called “Commerce 30 Building D” in filings, evidently a reference to Interstate 30, which runs just north of the project site. While it is called Building D, no other project filings existed for nearby addresses in the Texas Department of Licensing and Regulation database.
The project architect is Azimuth, a Dallas-based firm that designs office and retail buildings in addition to industrial. Crow and Azimuth are also teaming up on an 800,000-square-foot distribution center in Lancaster, just south of Interstate 20 near Dallas.
Crow has been investing heavily in industrial development near urban cores for years now.
“These industrial properties need to be closer and closer to the end consumer,” the firm’s CEO, Michael Levy, told FundFire shortly after the pandemic began. “Where people used to expect delivery within a week, now we expect things to be delivered in two hours.”
Industrial vacancy remains near historic lows in Dallas-Fort Worth, according to a recent report from brokerage Avison Young. Openings ticked up slightly to 7 percent due to a significant amount of new square footage coming online, but average rent remains at the lower end of the national spectrum at $6.55 per square foot.
It is unclear whether Crow already has a tenant lined up for the building, which it described in the filing as a concrete tilt wall shell. But the firm has been on a development tear in recent months, filing for a $38 million logistics center near the Design District and a $31 million refresh for its Hilton Anatole in the Market Center complex.
The firm recently announced a $2.8 billion fund, in partnership with Crow Holdings Capital and an unnamed institutional investor, for small, open-air shopping centers.
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It’s business as usual for Harlan Crow’s Crow Holdings, which is planning yet another industrial project. The Dallas real estate stalwart filed to build a 405,000-square-foot industrial property at 1500 North Walton Walker Boulevard on the western edge of Dallas. The building has an estimated build cost of $40.7 million. Work is expected to begin
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Lead by real estate veteran Robert Khodadadian, Skyline Properties has been instrumental in many multi-million dollar commercial developments, including a $12 million contract for the White House Hotel, a 99-year ground lease of a four-story commercial site in Harlem, and a retail co-op on Prince St. for $50 million.
Robert Khodadadian has long had a simple philosophy about selling real estate. There are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller.