Dallas-based real estate development firm Creation, along with institutional investors advised by J.P. Morgan Asset Management, announced today the sale of Fort West Commerce Center to High Street Logistics Properties, a private equity real estate investment management company.
Situated on over 30 acres in North Fort Worth, this three-building, 531,601-square-foot, master-planned Class-A industrial development is located in one of the nation’s most sought-after industrial submarkets. Fort West Commerce Center is occupied by Lockheed Martin for a storage and distribution facility and Big Ass Fans for a U.S. distribution hub, office space and showroom.
"We are pleased to announce the successful sale of Fort West Commerce Center in the dominant North Fort Worth submarket," said Taylor Mitcham, Creation’s principal of Texas. "This achievement is a testament to the excellent tenancy and leasing activity facilitated by Holt Lunsford. With this sale, which marks our third significant project in the area, we continue to demonstrate our strong belief in the fundamentals of this market and look forward to announcing the acquisition of another nearby site soon.”
“There continues to be strong demand in the industrial sector,” said Preston Meyer, managing director and portfolio manager at J.P. Morgan Asset Management. “This transaction underscores investor confidence and demand for high-quality, strategically located industrial assets.”
Founded by David Sellers and Bob Agahi in 2018, Creation’s portfolio includes $4.5 billion of ground-up developments in major growth corridors of Arizona, Texas, California, Tennessee, New York and New Jersey. Last year, the company opened a $17 million headquarters in the Dallas Design District and surpassed the $1 billion mark in its Texas commercial real estate portfolio.
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