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10-Year Pact Signals 263,100-SF B-T-S Start

DALLAS-With the building lease signed, Hillwood's ready to go on an estimated $7-million facility for Network Logistics, which came to market with dibs on land that required the winning developer to sign a 40-year ground lease with the airport authority.

By Connie Gore | Updated on December 11, 2003

DALLAS-Hillwood is ready to kick off work on a 263,100-sf build-to-suit in a one-off project for a Dallas-based logistics provider after polishing off negotiations for a 10-year building lease and a 40-year ground lease at the Dallas/Fort Worth International Airport.

The Network Logistics facility, with a ballpark $7-million development cost, will rise on a 12-acre tract at the southwest corner of East 11th Street and North 27th Avenue in the airport’s northern sector. Delivery is planned for March.

Earlier this year, DFW developers went head to head over the build-to-suit project, which required the winner to sign a four-decade ground lease with the airport’s governing board. With that leg of the deal done, Hillwood and Network Logistics started negotiations on the building lease. The going-in term is 10 years, Tal Hicks, president of Hillwood Investment Properties, tells GlobeSt.com. Al Leon of Leon Brothers Real Estate in Dallas represented Network Logistics. Hillwood’s terms were negotiated in-house by Dan Tatsch, Joe Bass and Preston Herold.

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