A new wave of warehouse construction is underway in northeast Fort Worth, where developers have broken ground on a 755,793-square-foot industrial expansion near Interstate 35 West. The project, known as Phase IV of 35 Eagle, spans three buildings on roughly 58 acres and is expected to be ready for tenants by summer 2027.
Trammell Crow Company and joint venture partner PGIM are behind the speculative build, according to Connect CRE. PGIM is the global investment management business of Prudential Financial, Inc., and the new phase sits at the northwest corner of Interstate 35 West and Eagle Parkway, continuing a buildout that has been underway at the 35 Eagle site for more than a decade.
The centerpiece of Phase IV is a 508,500-square-foot cross-dock building with 40-foot clear heights and a 500-foot depth, designed to accommodate up to approximately 450 trailer positions. The other two structures are rear-load buildings: one totaling 106,814 square feet with 32-foot clear heights and a 200-foot depth, and another at 140,479 square feet with the same clear height and a 235-foot depth. All three buildings will be available for lease once complete.
Financing and the Build Team
Construction financing for the project came from Fifth Third Bank and American National Bank, the outlet's report states. Alliance Architects is serving as project architect, while FCL Builders has taken on the role of general contractor. On the leasing side, Steve Trese, Bob Scully, Ahnie Sheehy and Reid Kennedy of CBRE are marketing the space to prospective tenants.
35 Eagle itself is described as a multi-phase speculative industrial park, and this is not its first large swing. Trammell Crow's own project history notes that the park's first phase delivered two buildings totaling 1,590,374 square feet back in 2015, while Phase II added three more speculative buildings spread across 106 acres, according to Trammell Crow Company. Phase IV is smaller in footprint than those earlier stages but still represents a sizable bet on continued demand along the I-35W corridor.
A Tight Industrial Market Backs the Bet
The timing lines up with a Dallas-Fort Worth industrial market that has been running hot. Leasing activity hit 22.7 million square feet in the third quarter of 2026, nearly matching the all-time quarterly record of 23.0 million square feet set in the second quarter of 2021, per Cushman & Wakefield. Net absorption jumped 38.6% quarter over quarter to 13.9 million square feet in that same period, while overall vacancy fell to 7.3%, its lowest mark since the third quarter of 2023.
Space for the largest tenants is especially scarce. The same report found just 1.9% of DFW industrial inventory in buildings of 500,000 square feet or larger sat vacant and available in the third quarter of 2026 — a dynamic that helps explain why a building the size of Phase IV's cross-dock facility is going up without a confirmed tenant in hand. Asking rents, meanwhile, reached a new high of $9.76 net per square foot, up 5.9% from the prior quarter and nearly 20% year over year.
Earlier in the year, JLL Research tracked a similar trajectory, reporting that Dallas-Fort Worth vacancy had fallen to 9.3% in the second quarter of 2026, a seventh straight quarterly decline from an 11.1% peak in the third quarter of 2024. The region also posted 17.9 million square feet of net absorption in the first half of 2026, the highest of any industrial market in the country, according to JLL Research.
Other Projects Rising Nearby
Phase IV joins a string of industrial groundbreakings across the Fort Worth area this fall. In the Alliance area, a 111,923-square-foot Class A development called Signature 35 has been under construction since April 20 and is expected to wrap up in the first quarter of 2027, Community Impact reported. And in the Walsh development, Hamilton Development began work on October 15 on a $57.7 million warehouse and office project that includes roughly 1 million square feet of warehouse space and 6,000 square feet of offices, with completion targeted for the third quarter of 2027, according to the Fort Worth Report.
Together, the projects point to a northeast Fort Worth submarket still absorbing new industrial supply even as rents climb and large-building vacancy tightens. No tenants have been announced for Phase IV, and the project is proceeding on a speculative basis as CBRE's leasing team works to fill the three new buildings ahead of their summer 2027 delivery.
