A Houston developer has partnered with a Dallas commercial real estate firm to build a new business park in Addison.
The project includes the conversion of a former call center office into a warehouse and the construction of a new building.
Lovett Industrial, which has a track record of several industrial projects in North Texas, is building the Addison Innovation Center in partnership with Rosewood Property Company, a longtime commercial real estate firm in Dallas.
The former call center office at 16675 Addison Road was built in 1996 and was previously used by a loan repayment company. The approximately 140,000-square-foot building at Addison Road and Excel Parkway will be converted into a mixed-tenant warehouse property.
The developers also plan to add a new 101,000-square-foot building on more than 12 acres.
“This is a unique opportunity to bring first-class logistics products to regions where comparable inventory is lacking and supply is constrained,” Colby Everett, director of Lovett Industrial, said in a statement. “We look forward to partnering with the City of Addison to retain and attract great businesses.
“I am grateful to have a team capable of executing a project like this, which requires vision, creativity, and efficiency.”
Colliers International's Ben Wallace is in charge of marketing the new business park, and financing for the project has been arranged by Jones Lang LaSalle. LGE Design Group is the development architect.
“We are always on the lookout for quality industrial opportunities, and due to the lack of filling locations and available Class A inventory, Addison Innovation… I was attracted to the center.” “Lovett Industrial has a great track record and we are excited to partner with them on this exciting project.”
Founded in 2020, Lovett Industrial has built warehouses and distribution centers in nearly a dozen U.S. markets.
Earlier this year, developers broke ground on two roughly 1 million-square-foot industrial buildings near Interstate 30 west of downtown Dallas.
And last year, Lovett Industrial started a three-building business park in Forney.
Rosewood Properties is the real estate division of Dallas-based Rosewood Corporation, which invests in land, office, industrial, self-storage, and multifamily properties. Rosewood Properties previously partnered with Dallas developer Champion Partners to build a business park in Willmar, south of Dallas.
Approximately 49 million square feet of warehouse and logistics space is under construction in the Dallas-Fort Worth region.
With an oversupply of older office space in some parts of North Texas, developers are increasingly turning to vacant office space like the Addison Call Center for industrial buildings.
Developer Foundry Commercial just purchased an office campus in Las Colinas and plans to demolish the building and build a new warehouse park.
