Ascentris Sells Parc North Industrial Park – Fort Worth, TX
Ascentris and Jackson-Shaw Company Sell Fort Worth Industrial Park
Denver, Colorado (July 7, 2016) – Ascentris, a Denver-based real estate investment manager, on behalf of one of its public retirement system clients, announced today the sale of Parc North, a Class A industrial park located in the North Fort Worth submarket of Fort Worth, Texas. The property, which consists of four light-industrial buildings totaling 446K sf, was developed by Ascentris and Jackson-Shaw and delivered to the market in January 2016. The property was 15% leased to Carrier upon delivery and increased to 37% leased in May 2016, following the execution of ten-year leases with Safelite and ID Technology.
Parc North began as a speculative development following the acquisition of the land parcel at the southeast corner of the junction of I-820 and I-35W, approximately seven miles north of Downtown Fort Worth, in 4Q-2014. Construction commenced during 1Q-2015. The four buildings range in size from 80K sf to 150K sf and feature rear-loading or front-loading configurations, 24’ to 28’ clear-heights, attractive glass storefronts, and ample auto parking.
Parc North was part of Ascentris’ speculative industrial development strategy, which was launched in 2013 to capitalize on shifting demographic and logistics trends, which result in a greater demand for regional distribution centers in strategic locations across the United States as well as increased demand for smaller, more local facilities which deliver e-commerce goods to consumers in a quick turnaround environment. North Fort Worth represents a strategic location due to its proximity to a significant number of households, including substantial new home construction, and the submarket’s limited amount of new industrial product available for lease.
“Parc North is a best in-class industrial park in one of the best locations in Fort Worth. The quality of construction is a testament to Jackson-Shaw’s experience and attention to detail. Ascentris would have been happy owning these buildings long-term; however, the partnership received an attractive offer it could not refuse following the recent leasing success at the property.,” said Ascentris Managing Director Otto Petty.
Stream Realty performed the leasing at the property and was retained by the buyer. The terms of the sale were not disclosed.
About Jackson-Shaw Company
Jackson-Shaw, a national real estate development company headquartered in Dallas, Texas, brings more than 40 years of experience in the development of diversified real estate properties that meet the needs of its customers and partners. The company has completed more than 60M square feet of development since its founding in 1972. Jackson-Shaw focuses its development activity on project types, including office, industrial, mixed use and hospitality. Current projects are located nationally in Texas (Dallas and Austin), Florida (Jacksonville), Maryland (Beltsville and District Heights), Nevada and Colorado.