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“We are looking at opportunities throughout the entire DFW metroplex, but we have a focus on infill markets because the supply and demand fundamentals look the best there. It’s becoming increasingly difficult to develop and add new supply of warehouse space in the infill of DFW."
- Rives Nolen, Senior Vice President of Investments, Central Region
Read what Rives had to say about CenterPoint’s investment focus in the Dallas-Fort Worth market and what other markets the company is targeting in Texas.
“We are blessed and fortunate to be doing business in one of the most desirable counties in the nation for relocation, development and acquisition!” says David Craig, Chairman and CEO of Craig International, which focuses its development in Collin County.
Perhaps the company’s most anticipated project is District 121, located along the 121 Corridor in McKinney.
“It was zoned for gas stations, fast food, small offices in the rear,” Craig says. “We could not let that happen to this special location and the city came aboard and shared our vision for a more urban mixed-use project that was of the highest quality.”
When it’s complete, the 18-acre project next to Craig Ranch will include upscale restaurants, such as Bob’s Steak and Chop House, Mi Cocina, 400 and Zero Gradi, Common Table and more, an 8-story Class A office building, a 102-room boutique hotel called Hotel Denizen and a .72-acre park.
“That’s the heartbeat of District 121,” says Craig.
Restaurant patios will overlook a sunken park with a stage, which will feature a 9’x 16’ LED screen for live and streamed events, fireplaces and seating.
“The park will be activated with entertainment and events throughout the year,” Craig shares, adding that the McKinney Community Development Corporation has provided District 121 a grant to make it a one-of-a-kind community offering in the Metroplex.
Texas is still one of the hottest markets for commercial real estate – no matter the sector.
“When we expanded out of Chicago, we went to port markets: LA, Seattle, New York, New Jersey, Charleston, Savannah, Miami and Houston,” says Rives Nolen, Senior Vice President of Investments for CenterPoint Properties.
Now Houston boasts record absorption levels and unprecedented rent growth, something CenterPoint is watching closely.
“We’re in the process of selling select assets in our Houston portfolio as we look to diversify into other submarkets and add more Class A product. Houston continues to be an important piece of our national portfolio, and we anticipate increasing our acquisition and development activity in Houston in the near future,” Nolen says.
But as the Texas markets have evolved, he says CenterPoint is expanding into new markets, including the other Texas triangle markets. Population growth and tech manufacturing, he adds, are the big drivers in San Antonio and Austin. The company made its first-ever Austin investment in Q4 ’21, acquiring a low-coverage distribution facility southeast of downtown and added two Class A buildings in Hutto in Q2 ‘22.
In addition to population growth, the draw in North Texas is its status as a major distribution hub. “We are looking at opportunities throughout the entire DFW metroplex, but we have a focus on infill markets because the supply and demand fundamentals look the best there. It’s becoming increasingly difficult to develop and add new supply of warehouse space in the infill of DFW,” says Nolen.
For that reason, CenterPoint is focused on what Nolen calls “the fairway,” the area north and south of DFW airport. Nolen points to the 330,000-square-foot Class A acquisition his team acquired between DFW and the CBD in late 2021 as the prototype for the strategic investment opportunities CenterPoint is targeting in the market.
“There, our assets are centrally located to the population and proximate to transportation infrastructure for distribution throughout the expansive DFW area and beyond,” he says.
About CenterPoint Properties
CenterPoint is an industrial real estate company made up of dedicated thinkers, innovators and leaders with the creativity and know-how to tackle the industry’s toughest challenges. And it’s those kinds of problems — the delicate, the complex, the seemingly impossible — that we relish most. Because with an agile team, substantial access to capital and industry-leading expertise, those are exactly the kinds of problems we’re built to solve. For more information on CenterPoint Properties, follow us on LinkedIn. For all media inquiries, including requests for interviews with CenterPoint executives, please contact media@centerpoint.com or 630.586.8285.
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