A Dallas investor has teamed up with a huge Japanese firm to build industrial real estate projects in North Texas.
Velocis is a private real estate investment group that started to acquire commercial properties in 2010.
So far the company has purchased multiple office and retail real estate buildings in Arizona, Colorado, Texas, Georgia, Florida, North Carolina, Virginia, Tennessee and Washington, D.C.
Now Velocis is expanding into the white-hot industrial property market, with plans to build warehouses in southern Dallas County and the Great Southwest Industrial District between Dallas and Fort Worth.
Velocis is partnering with the America’s division of Tokyo-based Sumitomo Corp. on the new warehouse projects.
The buildings together will total about 850,000 square feet.
“The demand for industrial real estate, especially in Texas metro areas like Dallas-Fort Worth, is at an all-time high right now,” Velocis partner Paul Smith said in a statement. “We consider these first two transactions to be the first of many industrial investments with our client as we continue to evaluate opportunities locally and on a national level.”
Sumitomo’s New York-based Americas division has a long track record of real estate investments including office buildings, apartment communities and master-planned developments.
Velocis has bought almost three dozen commercial properties across the states where it invests over the last decade.
North Texas has the country’s fastest-growing industrial building market. At midyear, almost 29 million square feet of warehouse and distribution space was under construction in the D-FW area.
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