Greystar acquired 70 acres with room to build up to five buildings with two phases that will total more than 750,000 square feet upon completion, the release stated. The first phase will consist of three buildings spanning 320,000 square feet. The second will include two buildings with a total of 434,000 square feet.
“This industrial space in McKinney is exactly what we were looking for as our next purchase—we see McKinney’s growing industrial sector as a key market for investment,” said Lance Hanna, managing director of development for Greystar, in the release. “We are excited to work with both companies in the purchase of the McKinney Airport Trade Center and are thrilled to have kicked off construction of Phase 1.”
The average tenant size is expected to cater to small-to-medium user markets in the service industries. Construction has begun on the trade center, and the first phase is expected to be completed at the end of 2022.
“The McKinney Airport Trade Center is an exciting project being realized near the McKinney National Airport, developing needed inventory in our fast-growing region,” McKinney Mayor George Fuller said in the release. “This project is very timely, and I’m certain it will find great success in our city.”