Hopewell, MBK Industrial Score Construction Financing in Irving

It’s not easy to secure debt in today’s tight lending environment, but TriStar Business Park is an exception.

The industrial development, at 7810 and 7815 Jetstar in Irving, is owned by a joint venture between Canada-based Hopewell Development and California-based MBK Industrial Properties. They landed financing to fund ongoing construction at TriStar. This deal comes six months after the project received a joint venture equity placement.

The debt amount wasn’t disclosed. The project is expected to cost nearly $16 million, according to an estimate filed with the state in June.

TriStar is expected to be delivered in the fourth quarter of this year. It includes buildings spanning 70,000 square feet and 105,000 square feet, located off of State Highway 114, just minutes from Dallas Fort Worth International Airport.

Both funding deals were secured by Newmark. The latest one was arranged by Newmark’s Dustin Volz, Stephen Bailey, Dom Espinoza, Zach Riebe and William Hairston. The debt will be provided by an unnamed regional bank.

North Texas is one of the fastest-growing industrial markets in the country. In the fourth quarter of 2023, a record 17.5 million square feet of industrial space was delivered, according to a report from JLL. The region’s development pipeline shrank after peaking in the first quarter of 2023.

The flurry of development has also flooded the sublease market. Last year, more than 14 million square feet of industrial subleases were listed, the Dallas Morning News reported.

Even so, investment in the asset class hasn’t dried up. In February, Sterling Investors scooped up two Texas industrial centers: CentrePort 2 in Dallas-Fort Worth and Northwest Logistics Center in Houston.

Hopewell Development also developed warehouses near Interstate 20 in Balch Springs and in North Fort Worth.