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.
About DrinkPAK
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.
About Newmark
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.
Discussion of Forward-Looking Statements about
Newmark
Statements in this document regarding Newmark that
are not historical facts are "forward-looking statements" that
involve risks and uncertainties, which could cause actual results
to differ from those contained in the forward-looking statements.
These include statements about the effects of the COVID-19 pandemic
on the Company's business, results, financial position, liquidity
and outlook, which may constitute forward-looking statements and
are subject to the risk that the actual impact may differ, possibly
materially, from what is currently expected. Except as required by
law, Newmark undertakes no obligation to update any forward-looking
statements. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in
the forward-looking statements, see Newmark's Securities and
Exchange Commission filings, including, but not limited to, the
risk factors and Special Note on Forward-Looking Information set
forth in these filings and any updates to such risk factors and
Special Note on Forward-Looking Information contained in subsequent
reports on Form 10-K, Form 10-Q or Form 8-K.
1According to Newmark Research and CoStar data
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SOURCE Newmark Group, Inc.