Trammell Crow Company, PGIM Break Ground on 755,793-SF 35 Eagle Phase IV in Fort Worth With Fifth Third Bancorp, ANB Bank Financing

Trammell Crow Company (TCC) and joint venture partner PGIM have broken ground on Phase IV of 35 Eagle, a multi-phase speculative industrial park in northeast Fort Worth, Texas, the companies announced Nov. 4. The phase comprises three buildings totaling 755,793 square feet and is scheduled for delivery in summer 2027. Fifth Third Bank and American National Bank provided construction financing for the project.

35 Eagle Phase IV Project Details

Phase IV sits on approximately 58 acres at the northwest corner of Interstate 35 West and Eagle Parkway in the Alliance submarket. It is the fourth and final phase of the 35 Eagle industrial park. TCC is the developer, and PGIM, the global investment management business of Prudential Financial, Inc., is its joint venture partner.

The three buildings are available for lease:

• Building 1: a 508,500-square-foot cross-dock with 40-foot clear height, 500-foot depth and up to approximately 450 trailer positions.
• Building 2: a 106,814-square-foot rear-load building with 32-foot clear height and 200-foot depth.
• Building 3: a 140,479-square-foot rear-load building with 32-foot clear height and 235-foot depth.

TCC is pursuing LEED certification for all three buildings. Alliance Architects is the project architect, FCL Builders is the general contractor and Halff is the civil engineer. Steve Trese, Bob Scully, Ahnie Sheehy and Reid Kennedy of CBRE are marketing and leasing the project.

Construction Financing From Fifth Third Bank and American National Bank

Fifth Third Bank and American National Bank provided construction financing for the speculative development. Elevated construction and financing costs are pressuring development economics in the Dallas-Fort Worth industrial market even as vacancy tightens and rents rise.

A Large Fort Worth Industrial Park Near Alliance Airport

35 Eagle spans more than 500 acres, with development beginning in 2013. The first three phases produced more than 5.4 million square feet of speculative industrial space that was constructed, leased and sold. TCC describes the project as one of its largest ever in Dallas-Fort Worth. The Class A park is located less than a mile from Alliance Airport, with access via I-35W and Eagle Parkway, and within three miles of the BNSF Intermodal facility, which connects to the second-largest freight railroad network in North America.

"Breaking ground on 35 Eagle Phase IV is another major milestone for one of North Texas' premier industrial developments," said Coley Kellogg, Vice President with TCC's Dallas-Fort Worth office. "Since its inception, 35 Eagle has expanded into a premier, multi-phase logistics hub spanning over 5 million square feet within the Alliance submarket—one of the nation's most dynamic industrial corridors. Our first three phases alone have created more than 2,400 jobs within the City of Fort Worth. The continued strong interest from high-caliber tenants is a testament to the development's strategic location, state-of-the-art design, and seamless connectivity to major transportation infrastructure."

Soultana Reigle, Head of U.S. Equity for PGIM's real estate business, said: "Dallas-Fort Worth is one of the nation's most resilient industrial markets, supported by strong demand for modern logistics facilities. We see significant opportunity in partnering with TCC to advance this development, meet the evolving needs of today's industrial users and capitalize on the region's long-term growth fundamentals."

Dallas-Fort Worth Industrial Market Context

Industrial fundamentals in Dallas-Fort Worth improved in the third quarter of 2026. Marketwide vacancy fell to roughly 7.8%, from 8.2% in the second quarter and 8.9% a year earlier. Quarterly net absorption reached 6.4 million square feet, and leasing volume reached 23.5 million square feet, the highest level in the three-year period covered by CBRE's figures.

Other brokerage surveys show similar demand, though methodologies differ. Colliers reported about 15.4 million square feet of positive net absorption, 7.9% vacancy and average asking rent of $9.60 per square foot in the third quarter. Lee & Associates reported about 15.1 million square feet of absorption, 8.0% vacancy and average annual NNN asking rent of $9.93 per square foot. Kidder Mathews reported 6.9% vacancy in North Fort Worth, below its 8.0% rate for the broader metro.

The market also has a sizable construction pipeline. CBRE reported 33.91 million square feet under construction in Dallas-Fort Worth in the third quarter, while Colliers reported 40.3 million square feet and Lee & Associates about 50.1 million square feet; the differences reflect varying market boundaries and inclusion criteria. Matthews estimated that the roughly 50.21-million-square-foot pipeline represents about five quarters of absorption at the trailing pace.

About Trammell Crow Company

Trammell Crow Company is a wholly owned subsidiary of CBRE Group, Inc. (NYSE: CBRE), headquartered in Dallas. Founded in 1948, TCC has developed or acquired 3,000 buildings valued at $90 billion spanning more than 700 million square feet. As of Sept. 30, 2026, the company had nearly $30 billion of projects in process and in its pipeline, with approximately 440 employees in 25 offices across the United States and Europe.

Sources

• Trammell Crow Company: TCC and PGIM Break Ground on Fourth and Final Phase of 35 Eagle in Fort Worth, Texas