A Dallas-based investor is planning its second new business park in Denton.
Velocis is a private real estate investment group that since 2010 has been acquiring a wide range of commercial properties.
The real estate firm has also done some development. Velocis has several industrial projects in the Dallas-Fort Worth area.
The company is now targeting Denton for a second new business park.
Its Mayhill 380 business park will include three buildings on North Mayhill Road near U.S. Highway 380, according to planning documents filed with the state.
The $20 million project will include more than 260,000 square feet of space and is set to open next year. Dallas architect Ware Malcomb is designing the project.
The business park is across U.S. 380 from where Velocis and partner Sumitomo Corp. are building an even bigger industrial campus.
“We are on both sides of 380 with two different developments,” said Velocis partner Paul Smith. “We are doing about 750,000 square feet of new development underway with Sumitomo in four buildings” north of U.S. 380.
Velocis formed a development venture with Tokyo-based Sumitomo in 2021.
Smith said the new Denton project to the south of U.S. 380 will be aimed at smaller tenants and will be owned by Velocis’ new investment fund.
“It’s a little bit different product — more service-oriented,” he said. “There is a true need for Class A industrial facilities on the northeast side of Denton.
“We saw an opportunity in Denton a couple years ago.”
Denton has been one of North Texas’ fastest-growing industrial markets.
Smith said his firm’s Denton industrial projects are well located to serve both Denton and fast-growing communities to the east, including Frisco and Celina.
Velocis raised $260 million for its fund to invest in new industrial developments in Texas. The fund is partnering on another large business park south of Dallas-Fort Worth in Temple.
“The tenant activity there has been exceptional,” Smith said.