Newmark Arranges Sale of 267,280-SF Industrial Property in North Fort Worth

June 4, 2024 2:00 PM

Newmark announces the sale of DFW Point35 – Building 1, a 267,280-square-foot industrial property located at 11085 Harmon Road in Fort Worth, Texas. The property is fully occupied by GITI Tire, which uses the site to distribute to local auto manufacturers, including Ford and Volkswagen.

Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Associate Chloie Mercer and Transaction Manager Caroline Wilson represented the seller, Atlanta-based Stonemont Financial Group and Iron Point Partners, in the transaction.

“DFW Point35 offers unparalleled logistics advantages in one of Fort Worth’s best industrial submarkets, making it an invaluable asset for GITI Tire and a strong investment for the buyer,” said Volz. “We are proud to have facilitated this transaction and look forward the continued growth and success of this property.”

“The smooth transaction process underscores this development’s attractive location in one of the nation’s top industrial markets,” said Stonemont Senior Vice President Josh Wheeler. “DFW Point35 offers the speed-to-market that businesses, such as GITI Tire, need to be successful in this region. We have enjoyed working alongside Newmark to secure the sale of Building 1.”

Built in 2023, the building boasts Class A+ construction, modern office space, rear-load design and flexibility for multi-tenant conversion. Specifications also include 32-foot clear height, 59 dock doors, two drive-in doors, 75 trailer stalls and 185-foot truck courts.

Located in the North Fort Worth industrial submarket, the property serves as a prime distribution point near at I-35W and I-820, with access to major consumer shipping, receiving and fulfillment companies.

Demand for industrial space in the Dallas-Fort Worth market remains robust. According to Newmark Research, Class A leasing accounted for 61.4% of overall leasing activity in Q1 2024, indicating a strong appetite for high-quality assets. Delivery rates remain strong, marking the second-highest historical first quarter. Overall rental rates grew 13.5% year-over-year, a record high.

About Stonemont Financial Group
Stonemont Financial Group specializes in investing across a broad spectrum of real estate asset classes and geographies, specializing in industrial, net lease and healthcare real estate. Stonemont offers diversified and differentiated real estate investment strategies and vehicles to institutions, family offices, trusts and high net-worth individuals. With a combined track record of over 60 years of experience and $20 billion invested, Stonemont’s founders and managing principals are committed to delivering attractive risk-adjusted returns.

About Iron Point Partners
Iron Point Partners is a leading private equity firm targeting investments in real estate and other real assets throughout North America and Europe. Since inception, Iron Point and its affiliates have raised more than $10 billion in equity capital commitments. Iron Point pursues a thematic investment approach across numerous commercial real estate property types and specialty asset classes.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of March 31, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,600 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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