News
Plano, Tex. (Oct. 14, 2024) – Foundry Commercial is pleased to announce the closing of 2700 W. Plano and the associated 22 acres of land. The development, Plano Midpoint, marks Foundry’s seventh office-demolition-to-industrial conversion project and second in Dallas. Located in the heart of the Plano, this development addresses the lack of supply of Class-A industrial space in Plano, where new industrial development has been scarce despite tenant demand. The 250,000-square-foot 1983 vintage office building will be demolished and two Class-A industrial buildings will be built in its place, a crucial development for the city’s economic growth.
The Plano Midpoint project follows Foundry’s first office-demolition-to-industrial conversion in the state, Horizon Landing, which is currently underway in the DFW Airport submarket. Completion of Horizon Landing’s first building is slated for later this year. With demand for industrial properties rising and office vacancies growing, Foundry’s Developments & Investments (D&I) platform has turned its focus to these strategic asset conversions in infill locations. Outside of the two aforementioned developments, Foundry’s D&I platform currently has 5 additional office-to-industrial conversion projects in various stages of development and predevelopment, with more on the horizon. Foundry is demolishing over 1 million square feet of obsolete office buildings and building back approximately 2 million square feet of industrial in the next 18 months.
The transformation of the property at Plano Midpoint will include two modern industrial buildings: one totaling 226,900 square feet and the other 96,100 square feet, both featuring 32-foot clear heights. The site’s location on the President George Bush Turnpike offers excellent visibility and connectivity, making it an ideal location for future industrial tenants.
“Plano Midpoint is the only speculative industrial project under development in the city,” said Jim Traynor, Foundry Commercial’s Developments & Investments Deal Principal for the Dallas area. “This project meets a critical need for industrial space in Plano, where zoning for light industrial is rare. We are grateful to the City of Plano for their invaluable support in bringing this project to life.”
Thirty-Four Commercial was originally engaged by the seller to market the property to office users. As the market shifted and demand for industrial supply increased, Thirty-Four Commercial connected with Foundry Commercial to buy the property. “We worked with the City of Plano to address lack of supply to locate the right buyer for our client and the community. With Foundry’s proven track record and thoughtful site plan, the transaction was seamless with support from all parties involved,” said Ruth Grigg, Thirty-Four’s Principal, who led the transaction.
Plano has emerged as a premier global business center, anchored by key industries such as technology, finance and insurance, healthcare, and consumer goods. Plano’s economic landscape boasts more than 14,000 businesses, including 72 Forbes Global 2000 companies, and is home to several globally recognized brands. The city’s highly educated workforce, combined with its proximity to Dallas’ expansive labor pool, continues to attract businesses from a wide range of industries. As demand for industrial properties grows, Plano Midpoint will help meet this demand by introducing much-needed industrial space into the market.
Foundry Commercial plans to begin demolition of the existing office building in October 2024, with the completion of the two new industrial facilities slated for the first quarter of 2026. Plano Midpoint stands to be a transformative project for the City of Plano, providing essential industrial space that will drive further economic development and meet the needs of local and regional businesses. Foundry Commercial was represented by Randy Blakenship, a Vice President on its own Dallas Industrial Team, and the seller was represented by Sarah Kennington, CCIM, Ruth Griggs, and Bryce Jackson of Thirty-Four Commercial.