A Phoenix-based developer is starting work on a new Fort Worth business park as part of a new $1 billion building venture.
Creation Real Estate is constructing the three-building, Fort West Commerce Center off Interstate 820 near Jacksboro Highway.
The 532,535-square-foot industrial park is scheduled to open in second quarter 2023.
Creation Real Estate is building the Fort Worth project in partnership with J.P. Morgan Global Alternatives.
The developer and the New York-based investor have formed a partnership to construct $1 billion in industrial properties in Texas, New York, New Jersey and Arizona.
“J.P. Morgan is an outstanding investment partner and we have assembled an extremely high-quality portfolio of projects together across the U.S. in a very short period of time,” Josh Zemon, managing principal of Creation Real Estate, said in a statement. “Creation has rapidly grown over the past several years with our current investment and development pipeline approaching $4 billion.”
Holt Lunsford Commercial is leasing the Fort West business park.
Along with the new buildings in Fort Worth, Creation Real Estate and J.P. Morgan are building warehouses in Newark, N.J.; Melville and Islandia, N.Y; and Chandler, Gilbert and Phoenix, Ariz. Creation was founded in 2018 and has offices in Phoenix and Dallas.
The company already has several industrial projects underway in North Texas.
The Northmark Commerce Center is being built at Beach Street and Old Denton Road in Haltom City. The 234,478-square-foot warehouse and industrial building is a partnership with Dallas’ Crow Holdings. Holt Lunsford Commercial is marketing the building.
And Creation Real Estate is constructing a three-building business park in Mesquite called Mesquite 635 on the southeast corner of Interstate 635 and U.S. Highway 80.
“Creation has a demonstrated track record of sourcing and executing on differentiated industrial assets in various markets across the country,” Alex Bez, vice president at J.P. Morgan Asset Management, said in a statement. “Investing in the right markets with top-tier developers like Creation has been and will continue to be a key part of our growth.”