News
With a dozen conversions now closed, Foundry is turning an emerging national trend into a repeatable playbook
Dallas, Texas (May 11, 2026) – Foundry Commercial’s Development & Investments platform has closed on Villa Creek, an office-to-industrial redevelopment in Dallas that marks the firm’s 12th such conversion nationally and its seventh in the Dallas-Fort Worth market. The transaction further solidifies Foundry’s position as one of the country’s most active practitioners of this redevelopment strategy, which involves acquiring functionally obsolete office properties and replacing them with modern, Class-A infill industrial product.
Across its office-to-industrial pipeline, Foundry has now removed 25 office buildings totaling 2.65 million square feet and is delivering approximately 4 million square feet of new industrial development, representing roughly $1 billion in total investment value. The strategy targets well-located, infill sites near critical transportation infrastructure that are difficult to replicate through traditional industrial development.
Construction at Villa Creek is expected to begin in the coming months, aided by a notably efficient pre-closing process in which the team worked closely with the seller to vacate the building’s more than 50 tenants and advance permitting, nearly completing full entitlement approvals before the closing date. Upon delivery, the redevelopment will feature a new 125,758-square-foot Class A industrial facility featuring 32-foot clear heights, 28 dock-high doors, and two drive-in doors. Delivery is currently anticipated in July 2027.
“The Dallas-Fort Worth market has been the proving ground for this strategy, and Villa Creek is another example of how redeveloping obsolete suburban office into well-located industrial product creates real value for tenants, investors, and the surrounding community,” said Daniel Davidson, Vice President for Development & Investments at Foundry Commercial. “There is a meaningful inventory of office that no longer serves its original purpose, and we’ve built a repeatable strategy for transforming those assets into product that the market genuinely needs – quality infill industrial in locations in which greenfield development sites simply can’t be found.”
This closing represents another example of how Foundry’s platform strategically invests capital across asset types and markets. While diversified by design, the platform prioritizes opportunities supported by durable supply-demand dynamics and a demonstrated ability to create value through execution. The transaction was sourced by Marty Neilon, a Partner in Foundry’s Dallas office, reflecting the local market relationships that continue to fuel the platform’s office-to-industrial strategy, and led by Foundry’s Dallas Development & Investments team.
“The fundamentals driving this strategy are straightforward – tenants need quality infill industrial space, and the sites to build it in established submarkets are increasingly scarce,” said Matthew McIntosh, Managing Director within Foundry’s Investment Management platform. “Villa Creek checks every box: an experienced local team, a location that can’t be replicated through conventional development, and the kind of pre-closing execution that meaningfully de-risks the path to delivery.”
Foundry Commercial was recently recognized as the 10th largest developer in the United States by Commercial Property Executive. The firm currently has approximately 9 million square feet across 31 industrial development projects at various stages, including 5 million square feet under construction and 4 million square feet in lease-up.