Dallas-based Rosewood Property Co. and Lovett Industrial, a Houston-based real estate investment firm, have acquired 12.2 acres in Addison to develop Addison Innovation Center, a business center that is expected to consist of 242,062 square feet across two Class A industrial buildings.
The companies said that Addison Innovation Center’s infill location off Addison Road and Excel Parkway allows for “excellent access” to the Dallas North Tollway and the President George Bush Turnpike as well as proximity to other major highways including I-635 and I-35.
“There is pent-up tenant demand for functional industrial space in infill Dallas,” Colby Everett, director with Lovett Industrial, said in a statement. “This represents a rare opportunity to deliver top-tier logistics product to a supply-constrained area facing a shortage of comparable inventory. We look forward to partnering with the city of Addison to retain and attract great companies. We are grateful to have a team that can execute on a project like this one that requires vision, creativity, and efficiency.”
Conversion and new build
Building 1 at the planned Addison Innovation Center is an existing 140,698 square-foot flex office building with 31-foot clear height. It will be converted to a Class A office/warehouse facility with dock-high loading capabilities.
Building 2 will be a newly constructed 101,364-square-foot warehouse featuring Class A specifications and dock-high loading capabilities.
The companies said the buildings’ design will allow for tenant suites ranging from 25,000 square feet to full-building users. Additional features of the center will include a 190-foot shared truck court, excess auto parking, amenity areas, and surplus power.
“We’re always searching for quality industrial opportunities and were attracted to Addison Innovation Center due to its infill location and the lack of available Class A inventory,” Brandon Cooke, vice president for Rosewood Property Co., said in a statement. “Lovett Industrial has a great track record, and we’re thrilled to partner with them on this exciting project.”
Marketing and leasing efforts will be exclusively handled by Ben Wallace of Colliers International, while the financing is being arranged by Jarrod McCabe of JLL, the companies said.
LGE Design Group is the lead architect, and Winkelmann & Associates is serving as the project’s civil engineer.
Other DFW developments
Lovett Industrial said that the Addison Innovation Center is its sixth industrial development in the greater Dallas-Fort Worth area. Its other developments include Texport Logistics Center, Lovett 35 Logistics Park, Trinity West Business Park, Innovation Ridge Logistics Park, and Wylie Business Center, which comprise more than 5 million square feet of completed and under construction projects.
Founded in 2020, Lovett Industrial is active in seven additional markets across the nation and has roughly 5 million square feet under construction companywide.
Rosewood Property Co. is a wholly owned subsidiary of The Rosewood Corp.
Rosewood Corp. and its affiliates have an extensive portfolio, including investments in land, office, industrial, self-storage, and multifamily assets.
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