Aug 18, 2021

Frisco’s massive Fields project will have a large industrial park

Dallas Morning News (August 16, 2021) - One of North Texas’ top industrial builders has bought more than 100 acres of Frisco’s $10 billion Fields development.

Crow Holdings Industrial purchased land on Preston Road for a new business park to meet the strong demand for warehouse and distribution space in Collin County.

The sale of the tract on the far east side of the 2,500-acre Fields community is the first major commercial property deal in the project, which is one of the Dallas-Fort Worth area’s largest developments. Deed records show the sale was completed on Friday.

Hunt Realty and Karahan Cos. have been working on the huge community since 2018 when they bought the land from the estate of Dallas businessman Bert Fields Jr. The developers are partnering with investors Chief Partners and Crosstie Partners.

Developer Fehmi Karahan said there was a lot of interest in the big industrial building site.

“We had seven or eight different qualified groups very interested in this industrial site,” Karahan said. “As you know, Frisco doesn’t have many industrial opportunities.

“And the industrial building market is on fire.”

Karahan said along with selling the land to Crow Holdings Industrial, the Fields developers will also invest in the development of the industrial buildings on the site.

The property for the new business park is south of PGA Parkway, where Dallas Cowboys owner Jerry Jones’ Blue Star land has developed an industrial project called Star Business Park.

“Jerry Jones’ Blue Star has done very well,” Karahan said. “Our site is perfect for this type of development and close to the railroad.”

Crow Holdings is designing the industrial buildings it plans in the Fields project with exteriors that include stonework.

“The design is sleek and modern, but it will still be cost-effective and attractive to tenants,” Will Mundinger, Crow Holdings Industrial senior managing director, said in a statement.

Crow Holdings Industrial has built some of the Dallas area’s largest shipping hubs, including industrial buildings in Southern Dallas County and in North Fort Worth.

The industrial land sale is the second recent major transaction in the Fields project, which stretches from U.S. Highway 380 in Denton Country to Preston Road in Collin County.

Arizona-based Taylor Morrison just purchased sites for almost 500 single-family homes to be constructed on the north side of Panther Creek Parkway, west of the Dallas North Tollway.

The Fields community surrounds the PGA of America’s new headquarters and two golf courses. The project is planned to include as many as 14,000 homes and apartments, plus commercial space.

Crow Holdings Industrial has built projects throughout North Texas, including this business park in Grand Prairie on Belt Line Road near I-30.

This overview is designed to introduce Crow Holdings and its various operating companies. Crow Holdings Capital is a U.S. SEC registered investment adviser and is the manager to the Crow Holdings Capital Funds. Crow Holdings Partners is a division within Crow Holdings Capital. Crow Holdings Capital, Trammell Crow Residential, Crow Holdings Industrial and Crow Holdings Office are operated separately and independently from one another with separate senior leadership and investment committees. SEC registration does not imply a certain level of skill or training.