The Plano Distribution Center, totaling 34 acres, will break ground in late spring on the first phase, consisting of two 100,000-sf office-warehouse buildings. "It's not identical, but it's similar," John Bunten, Miramar's owner told GlobeSt.com. The second and third phases will total 200,000 sf and 250,000 sf, respectively. Bunten figures it will take 2-1/2 years for build-out of the estimated $24-million development.
Miramar has kept the 34-acre purchase under wraps since its acquisition from Union Pacific Railroad in late October. Bunten expects this will be his last project in the Telecom Corridor due to what he terms a shortage of large land tracts. He has done four as Miramar and several more for another developer in Plano's eastern submarket before he set up his own company.
With large tracts diminishing in east Plano, Bunten has bought 22 acres in Arlington for a smaller project while he scours the Dallas-Ft. Worth metroplex for other sites that can be tailored to his specialty--building spec projects for high-tech tenants needing 25,000 sf to 100,000 sf. Bunten follows larger developers and buys acreage for support industries. "Somebody has to feed the larger tenants," he explained to GlobeSt.com of his strategy.
He says he, IDI, Jackson Shaw and Argent development companies have pretty well built out the eastern section of Plano, which is part of the Telecom Corridor. "And, we've been able not to kill ourselves," he says of the competition being launched for the four companies' buildings. "There has been an average of 800,000 to 1.2 million sf leased up in the past three to four years."
Plano Distribution Center will be located at the intersection of Plano Parkway and Los Rios Boulevard. Its final renderings are being fine-tuned by Merriman & Associates Architects of Dallas. Pat Norman & Associates of Austin is the general contractor. Both companies have served in the same capacities for the 40-acre 10th Street Business Park and also will be doing Miramar's Arlington Distribution Center, a 405,000-sf project that will go up at the corner of New York Avenue and Arbrook Boulevard. That undertaking will cater to tenants needing between 16,000 sf and 60,000 sf. Miramar's Randy Wood already is negotiating with several prospects for the simultaneous spec projects.
The last phase of the 650,000-sf 10th Street Business Park will deliver in April, adding two buildings totaling 200,000 sf to the project. The existing structures are fully leased, with anchor tenants being Teradyne and Telcobuy.com, which occupy 50,000 sf and 150,000 sf, respectively. Bunten places the rent at $4.25 to $5.60 per sf, depending upon tenant finishes.
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