ADDISON, Texas--(BUSINESS WIRE)--Lovett Industrial, the Houston-based real estate investment firm, and Rosewood Property Company, a Dallas-based real estate investment firm, recently acquired 12.2 acres in Addison, Texas, to develop Addison Innovation Center. The business center is expected to consist of 242,062 square feet across two Class A industrial buildings.
Addison Innovation Center’s infill North Dallas 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 arterials including I-635 and I-35. The project is situated in the heart of North Dallas, close to executive housing, abundant labor, and a dense amenity base.
“There is pent-up tenant demand for functional industrial space in infill Dallas,” said Colby Everett, Director with Lovett Industrial. “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.”
Building 1, an existing 140,698 square foot flex office building with 31’ clear height, 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 practical design of the buildings allows for tenant suites ranging from 25,000 square feet to full-building users. Additional highlights of Addison Innovation Center will include a 190’ 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,” said Brandon Cooke, Vice President for Rosewood Property Company. “Lovett Industrial has a great track record, and we are thrilled to partner with them on this exciting project.”
Marketing and leasing efforts for the park will be exclusively handled by Ben Wallace of Colliers International, while the financing is being arranged by Jarrod McCabe with JLL. LGE Design Group is the lead architect, and Winkelmann & Associates is serving as the project’s civil engineer.
Addison Business Center is Lovett Industrial’s sixth industrial development in the greater Dallas-Fort Worth area. Other developments include Texport Logistics Center, Lovett 35 Logistics Park, Trinity West Business Park, Innovation Ridge Logistics Park, and Wylie Business Center, which comprise over 5 million square feet of completed and under construction projects. Lovett Industrial currently is active in 7 additional markets across the U.S. and has approximately 5 million square feet under construction companywide.
About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 10 major metros across the United States, Lovett Industrial’s portfolio consists of approximately 15 million square feet of completed, acquired, and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.
About Rosewood Property Company
Rosewood Property Company, based in Dallas, is a wholly owned subsidiary of The Rosewood Corporation. Rosewood Property Company and its affiliates have an extensive portfolio, including investments in land, office, industrial, self-storage, and multifamily assets. For more information, visit www.rosewoodproperty.com.
