Two real estate firms are teaming up to bring a new industrial building to the northeast of Dallas.
Houston-based Lovett Industrial and Chicago-based Cresset Partners are partnering to create the Wylie Business Center in Wylie along state Highway 78.
“We look forward to delivering a first-class building, which will appeal to high-quality tenants and generate new jobs for a growing employment base,” said Colby Everett, director at Lovett Industrial.
Project partners and local officials gathered on April 6 for a groundbreaking ceremony to mark the start of construction at the site, which began at the site in January.
“We’re grateful for Lovett Industrial and their team of seasoned professionals. Lovett’s stellar track record and local expertise, paired with our national presence has enabled a highly collaborative relationship for our second project together,” said Dominic DeRose, managing director for Cresset Partners Real Estate.
The ceremony included remarks from Lovett Industrial’s co-owner and president, Charlie Meyer, and the mayor of Wylie, Matthew Porter.
The Wylie Business Center will be a 274,416 square-foot class A industrial building featuring a 36-foot clear height, 55 dock-high doors, 185-foot truck courts, 77 trailer stalls and 154 auto parks.
The project will include a fully improved road, Anson Parkway, with multiple access points, and onsite amenities.
The state-of-the-art center is expected to be complete by December 2023 and will serve the greater Collin, Rockwall and Dallas Counties.
“We are excited to partner with the city of Wylie to develop Wylie Business Center and further promote business activity in the area. This project is positioned to boost logistics capabilities in Wylie and the surrounding Northeast Dallas municipalities,” said Everett.
Construction financing for the project is being provided by First National Bank of Omaha. The Conlan Company is the general contractor, Ware Malcomb is the lead architect and Kimley Horn is serving as the project’s civil engineer.
This will be the fifth industrial development from Lovett in the DFW region. Other projects from the company include:
- Innovation Ridge Logistics Park
- Texport Logistics Center
- Lovett 35 Logistics Park
- Trinity West Phases I & II
Lovett, which was founded in 2020, is currently operating in six markets across the U.S. and has more than seven million square feet of projects currently under construction companywide
Cresset Partners was founded in 2018 and currently has more than $2.8 billion in commitments across real estate, private equity, private credit and venture capital.
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