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Irving, Texas (December 18, 2023) – Foundry Commercial, a full-service real estate services and investment firm with offices across the Sun Belt and Texas, closed on 4000 Horizon Way, a 287,000 square foot office building in Irving, Texas. Foundry will demolish the existing structure to make way for 337,000 square feet of Class-A industrial warehouses.
Foundry anticipates demolition of the existing two-story office structure – originally constructed in 1999 – will begin in the first quarter of 2024. The 24.2-acre property will eventually house three rear-load, Class-A industrial warehouses with up to 70 trailer parking stalls or outside storage on an additional 2.4 acres.
According to CoStar, the office vacancy rate in this submarket has more than doubled to nearly 25% since the onset of the pandemic, with further deterioration expected and limited new leasing prospects. Conversely, this location has proven to lead Dallas-Fort Worth as the premier industrial infill market within the metroplex. With limited ability to deliver new construction Class-A warehouses and high demand from industrial tenants, Foundry saw an opportunity to redevelop the land to meet that tenant demand.
“Sitting at the heart of the metroplex, just north of DFW International Airport, this development is a rare opportunity to deliver Class-A warehouses in a premier location with high barriers to entry. We continue to see robust tenant demand for rear-load assets in the submarket; however, there are very limited opportunities to develop new buildings. This led us to think creatively about redeveloping existing office buildings that have fallen out of favor,” said Jim Traynor, Managing Director of Development & Investments for Foundry Commercial in Dallas.
Foundry’s development and investment platform is fully integrated with its services business and is invested in over $4 billion in joint ventures with many of the best-known institutional investors in the country. The platform currently has over $1 billion in active ground-up developments across the United States.
For more information about the project – located at 4000 Horizon Way in Irving – contact Foundry Managing Director Jim Traynor at firstname.lastname@example.org.