A Dallas developer is expanding its industrial construction business with construction in Plano and acquisitions in Irving and Dallas.
Provident Realty Advisors is breaking ground for an industrial park with three buildings in Plano this month. And the company buys Neiman Marcus’ distribution center in Irving.
The 300,000-square-foot Plano Commerce Center is a $ 35 million project that will take approximately 10 months to complete.
Provident Realty previously built two warehouses in Plano that are now fully let.
“The three new buildings face Plano Parkway,” said John Bunten Jr. of Provident Realty. “As with our first buildings, we are geared towards tenants who need flexible space with a greater need for expansion.
“There is no new project in this market and we can see that there is a backlog of tenants who need to expand.”
The property, located between Shiloh and North Star Streets, was part of the former Flextronics campus. “This will be the first phase of two phases with a total area of nearly 700,000 square feet,” said Bunten.
Merriman Anderson Architects designed the project and Mark V Commercial is the leasing agent.
In Irving, Provident Realty purchases the Neiman Marcus distribution center on Las Colinas Boulevard, north of State Highway 114.
“Our intention is to expand the rear of the building by 250,000 square meters,” said Bunten. “Neiman’s current warehouse is 491,308 square feet, which is 400,000 square feet of warehouse space and 90,000 square feet of office space.
“The building was originally built in 1988 and expanded in 1994.”
Provident Realty is buying Neiman Marcus’ warehouse with a combination of funding from CrowdStreet and Pacific Coast Capital Partners.
“Neiman will lease the property back for 16 months,” said Bunten. “We will start construction after Neiman leaves the factory, and the construction and renovation work will take 10 to 12 months.”
Merriman Anderson Architects is also designing the Irving project.
Provident Realty has acquired the Taylor Publishing Co. campus on West Mockingbird Lane in northwest Dallas.
The industrial site near the UT Southwestern Medical Center is being renovated with new storage and sales areas.
“Then when the lease with Taylor Publishing expires, we’ll tear it down and do everything all over again,” said Bunten.
Amazon is already searching part of the Taylor property for a location for a new delivery station, real estate agents say.
Provident Realty is one of the largest and most successful developers in North Texas. The real estate company is best known for large mixed-use projects, including Preston Hollow Village on North Central Expressway and the Stacy Green project in Allen.
Provident Realty also builds apartments and shared apartments.
Provident Realty Advisor purchases Neiman Marcus’ distribution center in Irving with plans for major expansion.(Merriman Anderson Architects)
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