A Dallas developer is ramping up its industrial building business with construction in Plano and purchases in Irving and Dallas.
Provident Realty Advisors is breaking ground this month on a three-building industrial park in Plano. And the company is buying the Neiman Marcus distribution center in Irving.
The 300,000-square-foot Plano Commerce Center is a $35 million project that will take about 10 months to complete.
Provident Realty previously built two warehouses in Plano that are now fully leased.
“The three new buildings are facing Plano Parkway,” said Provident Realty’s John Bunten Jr. “Like we did with our first buildings, we are going after tenants needing flexible space with heavier finish-out.
“There is no new project in that market, and we feel there is a pent-up demand from tenants who need to expand.”
Located between Shiloh and North Star roads, the property was part of the former Flextronics campus. “This will be the first phase of two phases totaling close to 700,000 square feet,” Bunten said.
Merriman Anderson Architects designed the project, and Mark V Commercial is the leasing agent.
In Irving, Provident Realty is buying retailer Neiman Marcus’ distribution center located off Las Colinas Boulevard, north of State Highway 114.
“Our intention is to add 250,000 square feet to the back of the building,” Bunten said. “The present Neiman’s warehouse is 491,308 square feet, which consists 400,000 square feet of warehouse distribution and 90,000 square feet of office.
“The building was originally built in 1988 and added onto in 1994.”
Provident Realty is buying the Neiman Marcus warehouse with a combination of funding from CrowdStreet and Pacific Coast Capital Partners.
“Neiman will lease the property back for 16 months,” Bunten said. “We will begin construction after Neiman’s leaves the facility, and the construction and renovations will take 10 to 12 months.”
Merriman Anderson Architects is also designing the Irving project.
In northwest Dallas, Provident Realty has purchased the Taylor Publishing Co. campus on West Mockingbird Lane.
Located near UT Southwestern Medical Center, the industrial property will be redeveloped with new warehouse and distribution space.
“Then when the lease runs out with Taylor Publishing, we’ll tear it down and redo it all,” Bunten said.
Amazon is already looking at part of the Taylor property for a location of a new delivery station, real estate brokers say.
Provident Realty is one of North Texas’ largest and most successful developers. The real estate firm is best known for major mixed-use projects including Preston Hollow Village on North Central Expressway and the Stacy Green development in Allen.
Provident Realty also builds apartments and residential communities.