Canned beverage manufacturer DrinkPAK recently signed two sizeable industrial leases as part of the company’s expansion to Fort Worth, Texas.
During the lease negotiations, the tenant was represented by a Newmark team of Executive Managing Director, Patrick DuRoss; Vice Chairman John DeGrinis; Senior Managing Director, Jeff Abraham; and Associate Director Javier Galvan; in cooperation with vice chairmen Adam Faulk and James Cooksey; Director Garrison Efird; and Associate Adam Faulk Jr.
According to research quoted by Newmark, the DrinkPAK leases represent the largest new industrial occupier leasing commitment completed in a single market in the U.S. in 2023. Totaling nearly 3 million square feet of Fort Worth industrial space, the agreements include 1.5 million square feet at Trammell Crow’s 35|Eagle development and 1.4 million square feet at Carter Park East, which is a development owned by Crow Holdings Capital, Rob Riner Companies, and Clarion Partners.
“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.”
The two new Fort Worth industrial real estate leases nearly tripled the manufacturer’s real estate footprint. Since the company’s founding in 2020, it had taken multiple leases totaling more than 1.5 million square feet of industrial space in the North Los Angeles region in collaboration with Newmark.
“We are thrilled to have played a crucial advisory role in securing two monumental leases on behalf of DrinkPAK,” DuRoss said. “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. 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.”
The business-friendly city reportedly approved a 10-year tax abatement valued at $21 million for DrinkPAK’s expansion in support of the area’s long-term development. The manufacturer’s estimated $452 million investment in developing advanced manufacturing assets for the production, warehousing, and distribution of various beverages aligns with Fort Worth’s ongoing dedication to fostering the growth of industrial jobs. Specifically, the company’s expansion here is projected to create 1,000 full-time jobs in the area by 2026.
“The Dallas-Fort Worth 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,” Faulk said. “We are confident DrinkPAK’s vision will benefit from the region’s dynamic and high-growth business environment.”
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