Velocis, a Dallas-based real estate investment group, is planning its second new business park in Denton. The company has acquired a variety of commercial properties since its inception in 2010 and also has a development arm. Velocis has various industrial projects in the Dallas-Fort Worth area and is now targeting Denton for its new business park. The Mayhill 380 business park will include three buildings on North Mayhill Road near Route 380. The project will cost $20 million and offer more than 260,000 square feet of space, with a predicted opening in the next year. Dallas architect Weah Malcolm is designing the new business park, which is opposite US 380 from where Velocis and partner Sumitomo Corporation are building a larger industrial campus.
Velocis has been working with Sumitomo since 2021 to establish a development venture. The new Denton project will be service-oriented, whereas the Sumitomo campus will be slightly different. According to Paul Smith, a Velocis partner, there is a real need for Class A industrial facilities on the northeast side of Denton. Velocis aims to cater to that need while keeping in mind the fast-growing communities in the east, such as Frisco and Selina. Denton is the fastest growing city in North Texas, and it offers excellent investment opportunities for Velocis.
The company has raised $260 million to invest in new industrial development in Texas and has partnered with another large business park in Temple, south of Dallas-Fort Worth, where tenant activity is exceptional, according to Smith. Velocis is optimistic about its venture and is looking forward to its new business park in Denton.