LANCASTER, TX—Transwestern Development Co. said Tuesday the joint venture between its industrial development arm, Ridge Development, and Prudential Financial Co. has sold a 164-acre site in the master-planned Ridge Logistics Center South Dallas to VanTrust Real Estate LLC. Located at the northeast corner of Dallas Avenue and Telephone Road in Lancaster, the tract was sold for an undisclosed amount.
“South Dallas is one of the hottest submarkets in the Dallas/Fort Worth area,” says Kent Newsom, EVP at Ridge Development. “The combination of the availability of land, transportation infrastructure and ability to construct big-box developments that provide attractive occupancy costs for large-scale users makes this area prime for real estate development.”
VanTrust plans to develop big-box, speculative bulk industrial buildings on the site, in keeping with an aspect of the Kansas City, MO-based developer's business model. CBRE's Jack Fraker represented Ridge South Dallas, while VanTrust was represented internally in the sale.
It was as what was then known as Ridge Property Trust that Chicago-based Ridge Development undertook the Ridge Logistics Center project beginning in 2008. In 2014, Transwestern announced that it would partner with Ridge Property Trust's principals to expand Transwestern Development's North American industrial platform. The Transwestern Development and Ridge Development teams have developed, constructed and managed more than 138 million square feet of industrial and distribution space across the US.
VanTrust has been an active player in the D/FW market, as well, with offices in the Metroplex as well as in Houston. Late last year, the company announced that it would partner with Hillwood Properties and the Rudman Partnership on Frisco Station, a $1-billion mixed-use project along Frisco's so-called $5 Billion Mile corridor. The company will be responsible for the four million square feet of office planned for Frisco Station.
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