One of North Texas’ top industrial builders has bought more than 100 acres of Frisco’s $10 billion Fields development.
Crow Holdings Industrial purchased land on Preston Road for a new business park to meet the strong demand for warehouse and distribution space in Collin County.
The sale of the tract on the far east side of the 2,500-acre Fields community is the first major commercial property deal in the project, which is one of the Dallas-Fort Worth area’s largest developments. Deed records show the sale was completed on Friday.
Hunt Realty and Karahan Cos. have been working on the huge community since 2018 when they bought the land from the estate of Dallas businessman Bert Fields Jr. The developers are partnering with investors Chief Partners and Crosstie Partners.
Developer Fehmi Karahan said there was a lot of interest in the big industrial building site.
“We had seven or eight different qualified groups very interested in this industrial site,” Karahan said. “As you know, Frisco doesn’t have many industrial opportunities.
“And the industrial building market is on fire.”
Karahan said along with selling the land to Crow Holdings Industrial, the Fields developers will also invest in the development of the industrial buildings on the site.
Jones Lang LaSalle’s Michael Swaldi and Jonathan Carrier helped negotiate the transaction.
The property for the new business park is south of PGA Parkway, where Dallas Cowboys owner Jerry Jones’ Blue Star land has developed an industrial project called Star Business Park.
“Jerry Jones’ Blue Star has done very well,” Karahan said. “Our site is perfect for this type of development and close to the railroad.”
Crow Holdings is designing the industrial buildings it plans in the Fields project with exteriors that include stonework.
“The design is sleek and modern, but it will still be cost-effective and attractive to tenants,” Will Mundinger, Crow Holdings Industrial senior managing director, said in a statement.
Crow Holdings Industrial has built some of the Dallas area’s largest shipping hubs, including industrial buildings in Southern Dallas County and in North Fort Worth.
The industrial land sale is the second recent major transaction in the Fields project, which stretches from U.S. Highway 380 in Denton Country to Preston Road in Collin County.
Arizona-based Taylor Morrison just purchased sites for almost 500 single-family homes to be constructed on the north side of Panther Creek Parkway, west of the Dallas North Tollway.
The Fields community surrounds the PGA of America’s new headquarters and two golf courses. The project is planned to include as many as 14,000 homes and apartments, plus commercial space.
Diane Hornquist works with the general counsel to oversee legal activities associated with various land development and operating company initiatives. Hornquist began her legal career at the Dallas office of Jackson Walker LLP in the real estate section.
Mike Wallace is responsible for all aspects of Hunt Realty Investments overseeing the firm’s direct-owned real estate portfolio, operating company investments and other real estate activities. He is responsible for sourcing and structuring all new investment activity, as well as Hunt Realty’s interaction and investment relationship with other Hunt-related entities.
Throughout his career, he has been involved in investments in single-assets, real estate portfolios, distressed loan portfolios and private and publicly-traded companies including equity, preferred equity, mezzanine and participating debt investments. His experience spans a broad array of product sectors including office, multi-family, hospitality, retail, senior living, student housing, industrial, residential and land.
Prior to joining Hunt Realty, Wallace was with The Hampstead Group, a Dallas-based real estate private equity fund which invested approximately $1 billion on behalf of institutional and private investors. While at The Hampstead Group, his responsibilities included new investment opportunities in real estate portfolios, publicly-traded companies and distressed loan portfolio acquisitions as well as management of the fund’s investments. He also previously worked for EFO Realty, a real estate opportunity fund where he sourced and structured joint-venture equity investments.
Chris Kleinert is CEO and president of Hunt Consolidated Investments, LLC, and Co-CEO of its holding company, Hunt Consolidated, Inc. He is president of Hunt Realty Investments and oversees the operations of both Hunt Investment Group and Hoodoo Land and Cattle Company, as well as the financial activities of the holding company. Other business interests of Hunt Consolidated, Inc. include oil and gas exploration and production, petroleum refining, electric power generation and transmission. Kleinert’s affiliation with Hunt Consolidated began in 1996. Kleinert received an MBA with a concentration in finance from Texas Christian University and a BBA in marketing from Southern Methodist University. Prior to joining Hunt, he was employed by Texas Commerce Bank (now JPMorgan Chase) and General Mills. Kleinert serves on the Investment Committee of the Board of Trustees of Southern Methodist University and SMU’s Tate Lecture Board of Directors. He also serves on the Neeley School of Business International Board of Visitors at Texas Christian University, the Board of Trustees of the Communities Foundation of Texas, the Board of Directors of Amegy Bank -Dallas, and the Dallas Regional Chamber’s Board of Directors. Kleinert chairs the Board of Directors of the newly created Men’s Advocacy Group for New Friends New Life. In 2009, Chris and his wife, Ashlee, founded Executives in Action (EIA), a nonprofit organization that leveraged the talent and expertise of executives in transition with local charitable organizations to enhance their productivity, efficiency and overall impact. In 2016, EIA merged 4 with New York-based Catchafire, Inc. to form Catchafire North Texas and expand the number of volunteers and nonprofits that can be matched nationally.