New funding will kick off Denton County industrial park

Developers who are building a huge new industrial park north of Fort Worth have lined up funding for the deal.

Gruene Real Estate Partners and Weber & Co. are developing their 1.4 million-square-foot, three-building Intermodal Commerce Park in Haslet in Denton County.

The developers have partnered with Crow Holdings for equity for the project.

And First United Bank is providing construction financing for the development. JLL arranged the funding for Gruene Real Estate Partners and Weber & Co.

The Intermodal Commerce Park is an 82-acre industrial project being built just east of Interstate 35W near Alliance Airport. The business park is set to open next summer.

The development is the first such venture between the development partners.

“With its formation, the Weber-Gruene Joint Venture will operate as one cohesive unit,” Ken Kristofek, owner and president of Gruene Interests LLC, said in a statement. “We will function seamlessly, bringing together a diverse set of capabilities to the development process and enhance an already rich history of service and quality in Dallas-Fort Worth.”

JLL Capital Markets team Dustin Volz, John Rose, Stephen Bailey and Wells Waller arranged the funding for the Haslet project. And JLL will lease the development.

Weber-Gruene is already working on another big industrial park at DFW International Airport. The developers are leasing 100 acres on Valley View Lane on the southeast side of the airport and plan to build 1.6 million square feet of warehouse space in three buildings.

Gruene Real Estate Partners’ founder has experience with building warehouses, industrial parks, office, retail, multifamily and large mixed-use projects.

Since 1990, Weber & Co. has been involved in the development of dozens of Dallas-Fort Worth area retail projects.

The Dallas-Fort Worth area is one of the country’s top warehouse building markets with more than 23 million square feet of industrial buildings under construction.