Leon Capital Group will break ground on two speculative industrial facilities in Tarrant County this summer, but it won't be the only project the low-profile Dallas investment firm has in the works.
The MOVA South and North buildings, named for their frontage on Mosher Valley Road, will total more than 260,000 square feet and have an estimated construction cost of about $18.88 million, according to state filings. It's planned.
The 32-foot-tall industrial facility on approximately 17 acres is located near Trinity Boulevard near Texas Routes 183 and 360 in Fort Worth.
The building was designed by GSR Andrade Architects and is being marketed by commercial real estate services firm CBRE.
Leon Capital Group focuses on investing in a variety of industries beyond real estate, including financial services, healthcare, and technology.
The company's industrial real estate platform remains active despite challenging market conditions and offers a range of product sizes.
Leon Capital Group started the year with the completion of a more than 60,000 square foot industrial site along the Beltway near the airport in Irving.
Fort Worth's Riverbend development is underway and will start with two buildings. The remainder of the 33+ acre property has been allocated to either new construction tenants or land sales.
The company's largest project in progress is more than 635,000 square feet on approximately 63 acres in Mesquite. When completed, Mesquite Long Creek will consist of his three buildings ranging in height from 32 feet to 36 feet.
Combined with recent deliveries and Leon Capital Group's more pressing plans, there will be more than 2 million square feet of industrial space.
Research shows industrial development in North Texas is expected to contract this year, but the slowdown in North Texas is relative.
Dallas-Fort Worth's 2024 pipeline includes more than 33 million square feet of industrial development under construction.
While this number falls short of the Phoenix area's 42.5 million square feet, it significantly outpaces projects under construction in Chicago (13.2 million square feet), the nation's largest industrial market, and the Inland Empire near Los Angeles (19.4 million square feet). Exceeds.
While industrial development continues to slow, rents in the sector have reached new highs, according to commercial real estate advisor and service provider Newmark's first quarter industrial market report.
Newmark reports that average asking rents have increased 13.5% year-on-year and are expected to continue rising as new, high-quality assets become available.
The company said if economic conditions improve later this year and into 2025, the lack of fresh acreage could lead to supply constraints.
