The transactions represent the largest new industrial occupier leasing commitment completed in a single U.S. market this year1
DALLAS, Dec. 18, 2023 /PRNewswire/ — Newmark announces that DrinkPAK, a canned beverage manufacturer headquartered in California, has closed on two industrial leases totaling 2.9 million square feet in its expansion to Fort Worth, Texas, nearly tripling the company’s real estate footprint. These leases represent the largest new industrial occupier leasing commitment completed in a single market across the U.S. this year and are projected to create 1,000 full-time jobs in the area by 2026. Additionally, the city has approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development.
Newmark Executive Managing Director Patrick DuRoss, SIOR, Vice Chairman John DeGrinis, SIOR, Senior Managing Director Jeff Abraham, SIOR and Associate Director Javier Galvan, in cooperation with Vice Chairmen Adam Faulk and James Cooksey, Director Garrison Efird and Associate Adam Faulk Jr. represented the tenant in the transaction. Newmark has played a pivotal role in aiding DrinkPAK’s expansion since 2020, securing multiple leases totaling over 1.5 million square feet in the North Los Angeles region.
“We are thrilled to have played a crucial advisory role in securing two monumental leases on behalf of DrinkPAK. The search process for the ideal site involved a thorough evaluation of multiple states, regions, building sizes, utilities and economic incentives, as well as in-depth labor analyses,” said DuRoss. “Ultimately, these strategic locations were best equipped to support DrinkPAK’s growth strategy. The company was especially drawn to the business-friendly environment and the strong labor and logistics of this dynamic market.”
As part of DrinkPAK’s $452 million investment plan to develop the advanced manufacturing assets for the production, warehousing and distribution of various alcoholic and non-alcoholic beverages, the project is expected to bring significant investment to the local community and reaffirm Fort Worth’s ongoing dedication to fostering the growth of industrial-using jobs. Encompassing approximately 1.5 million and 1.4 million square feet, the sites are located, respectively, at Trammell Crow’s development at 25001 Eagle Parkway and at Carter Park East, which is owned by Crow Holdings Capital, Rob Riner Companies and Clarion Partners.
“Our history working with DrinkPAK is a testament to our strong commitment to helping clients achieve their growth objectives,” added DuRoss. “The company’s expansion into Fort Worth marks a significant milestone for DrinkPAK and is a clear indication of the company’s determination and precision towards achieving its business objectives. Newmark is honored be a part of DrinkPAK’s growth journey and to assist the company in realizing its vision.”
Faulk added, “The DFW region has cemented its reputation as the optimal market for supporting the long-term goals of industrial owners and users with a strategic geographical placement and well-connected infrastructure. We are confident DrinkPAK’s vision will benefit from the region’s dynamic and high-growth business environment.”
“We are excited to expand our advanced manufacturing organization with two new state-of-the-art facilities that will enable us to manufacture more high-quality drinks for the best brands in the world,” said Nate Patena, Chief Executive Officer of DrinkPAK. “This expansion positions DrinkPAK at the forefront of innovation in the beverage industry, offering unique opportunities for the creation of canned low-acid products.”
Founded in 2020, DrinkPAK is the most technologically advanced manufacturer of canned beverages in the world, providing full-service support for procurement, batching, processing, filling, packaging, warehousing and distribution for both large, complex organizations and high-growth emerging brands.
DrinkPAK is the premiere contract manufacturer of aluminum canned beverages in North America. DrinkPAK manufactures and distributes billions of cans of product for the most prominent global beverage brands. With 1.4 million square feet of production and warehousing space in California and 3 million square feet under construction in Texas, DrinkPAK supports procurement, purchasing, batching, filling, packaging, and warehousing activities for large, complex organizations and high-growth emerging brands. DrinkPAK is committed to providing world class customer service through technology, format flexibility, and industry leading talent. Learn more at drinkpak.com.
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 ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of September 30, 2023, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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1According to Newmark Research and CoStar data
SOURCE Newmark Group, Inc.
Originally published at https://www.prnewswire.com/news-releases/newmark-represents-drinkpak-in-two-new-industrial-leases-in-fort-worth-totaling-2-9-million-square-feet-302017220.html
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