Foundry Commercial and DWS Group are looking to replace a 635,000-square-foot vacant office complex in Irving with an industrial campus. The project, called Horizon II will be Foundry’s seventh office-to-industrial conversion in North Texas and 13th in the United States.
DWS Group purchased the office property at 3950 Regent Blvd. The Dallas Business Journal reports the purchase price was not disclosed but the firm obtained a roughly $49 million loan. GI Partners was the seller.
The former four-building State Farm office is expected to be demolished later this year. Foundry aims to develop a roughly 900,000-square-foot industrial campus across several phases. The first 435,000-square-foot industrial project could be delivered in 2027.
Last year, Foundry and Crow Holdings Capital picked up a vacant 45,000-square-foot office building at 4250 N. Belt Line Road in Dallas. Foundry hopes to redevelop the site into a 118,032-square-foot industrial property. Construction on the property was scheduled to begin in September and wrap up this summer.
The post Foundry Hoping to Duplicate DFW Office-to-Industrial Project Success appeared first on Connect CRE.
​Â