A leading U.S. industrial developer specializing in distribution, fulfillment and last mile properties in key logistics has purchased over 100 acres of the Frisco Fields development.
Crow Holdings Industrial bought the property on Preston Rd., south of PGA Pkwy., and on the far east side of a 2,500-acre community development.
The companies purchased the site from Hunt Realty and Karahan Companies, which will also invest in the development of the industrial buildings, set to feature exteriors that include stonework, in the new business park.
The business park was needed to meet the demand for warehouse and distribution space in Collin County.
Crow Holdings Industrial paid $10 billion for the property and plans to build a mixed-use development that will include up to 14,000 new homes, apartments and commercial space.
The deal is the first major commercial property deal for the Fields community, one of the Metroplex’s biggest developments.
The community is the brainchild of the Hunt Realty and Karahan Companies, and has been in the works since 2018 when the duo purchased the property from the estate of Dallas businessman Bert Fields Jr., according to the Dallas Morning News.
Crow Holdings Industrial will also be partnering on the project with the Hunt Realty entity Chief Partners and the Karahan Companies entity Crosstie Partners.
President and CEO of Karahan Companies Fehmi Karahan said developing a large industrial site had brought in a lot of interest.
“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 added that in addition to selling property to Crow Holdings Industrial, they would also be investing in the project, which is near where Dallas Cowboys owner Jerry Jones’ subsidiary Blue Star has constructed an industrial development 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.”
