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The City of Garland has partnered with Reserve Capital Partners on a new industrial project. At an estimated $15.6 million investment, the proposed development includes 200,000 square feet of new commercial spec buildings on an 11.5-acre greenfield site.
Reserve Capital broke ground on the project alongside Mayor Scott LeMay and District 6 Council Member Robert Vera earlier this month.
The company plans to construct two Class-A industrial spaces, one with 119,703 square feet and the other with 74,983 square feet. Both will be built with tilt wall construction, more than 40 dock-high loading doors, front-facing parking and dock loading. Both buildings are expected to be complete by the first quarter of 2023 and are currently for lease with SRS Industrial.
The property sits at the highly traversed intersection of Jupiter and Miller roads and is located in the central industrial core of Garland. Nearby manufacturers include Cosmax NBT, a Garland-based vitamin manufacturer, along with Quest Windows, Ecolab, Sherwin-Williams and Kraft Foods.
“The City is happy to partner on the new development and welcome future industrial users. New developments like this Class-A flex space complement the City’s larger redevelopment efforts and our robust manufacturing sector,” said Garland Economic Development Director Ayako Schuster.
Lack of regional supply and increasing industrial demand has led to strong occupancy, rent growth and absorption in the Garland submarket. The site is one of the few undeveloped parcels available for industrial development. The industrial vacancy in Garland is currently 2.3% and has historically remained a tight market.
“We are excited to bring additional Class-A industrial space to the City of Garland,” said Reserve Capital Partners COO Rachel McCready. “We value the community and fundamentals of this key DFW industrial market.”
Reserve Capital Partners
Reserve Capital Partners is a Dallas-based private real estate investment firm. Since its inception in 2017, RCP has acquired and developed over 1 million square feet of office, industrial, and self-storage assets in Texas, Florida, Kansas, and Missouri.