(To read more on the industrial market, click here.)

HOUSTON-Construction has begun on the first two industrial buildings in the 77-acre Cole Creek Business Park. The developer has signed Home Depot Supply to a medium-term lease for the 211,680-sf warehouse while the other building, 168,480 sf, is rising as spec.

Costs for the project at the intersection of West Little York and Fairbanks North Houston Roads were not available. Based on area comps and construction costs, a similar project would cost $13 million to $15 million to build. The buildings will be completed by January 2007.

"The Home Depot building is kind of a build-to-suit, but something we would have built anyway even without the lease," says Jim Casey, managing director with Trammell Crow Co. in Houston. He and TCC's Faron Wiley represented the owner, Cole Creek Business Park Association Inc. of Dallas.