Ridge Development, the industrial development arm of Transwestern Development Co., announced this week that it will break ground this quarter on a new speculative industrial park in Arlington, Texas. The 1,605,620 square-foot, 119-acre project, dubbed Park 20/360, is owned by a venture between Invesco and Ridge Development. The former High Point Church property was sold by the Evangelical Christian Credit Union in Brea, California, which foreclosed in July 2014. Phase I of construction, expected to deliver in first-quarter 2017, calls for four buildings totaling 1,249,560 square feet; Phase II will follow with another four buildings, with full delivery expected in second-quarter 2018.
"The confluence of a thriving Texas economy with continuing solid fundamentals, record-setting occupancy within the Great Southwest Industrial District, a diverse commercial make-up in Dallas-Fort Worth and an outstanding location warrant the development of such a large project on a speculative basis," said Kent Newsom, executive vice president at Ridge Development, in a prepared statement. "Park 20/360 is divided into three different types of space to accommodate multiple industrial user types including bulk distribution, warehouse and flex."
The project is one of the largest new warehouse complexes under construction along Interstate 20, which had more than 6 million square feet of projects being built in corridor at the end of 2015. The park benefits from being inside a Triple Freeport Tax Exemption zone and is only 18 miles from DFW International Airport. Alliance Architects Inc. serve as architects for the park, with civil engineering provided by Pacheco Koch Consulting Engineers Inc. Transwestern's Vice President Joe Rudd and Principal John Brewer are providing leasing services.
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