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ILLINOIS-BASED DEVELOPER STARTING LEWISVILLE INDUSTRIAL PROJECT

Author: 
Steve Brown | Real Estate Editor
Illinois-based ML Realty Partners - a long-time investor in North Texas' commercial property market - is building a new warehouse project in Lewisville.

The 121,000-square-foot speculative building is planned on State Highway 121 north of Midway Road.

The building will be constructed just west of Toyota Motor's new headquarters and the booming Legacy West complex.

"This will be the third development project we have done in Dallas-Fort Worth," said ML Realty vice president Matt Smith. "We are trying to get as close as we can to the growth along S.H. 121.

"Land in that area is very limited."

Called 121 Riverview Crossing, the industrial project is planned for smaller tenants in an industrial market that is seeing construction of many much larger buildings.

ML Realty recently constructed two speculative industrial buildings in its Park West Crossing business park north of Dallas/Fort Worth International Airport.

"The first phase at Park West is fully leased and we have commitments for around a third of phase two," Smith said. "We are replicating the success at that project in Coppell with this new development in Lewisville."

Smith said construction on the 121 Riverview Crossing building will start in August and it will open next spring.

ML Realty owns almost 4.5 million square feet of commercial buildings in North Texas.

D-FW is the top warehouse building in the country with almost 20 million square feet of space under construction. Most of the warehouse building is underway in southern Dallas County, north of D/FW Airport and in North Fort Worth.