DALLAS-Cousins Properties Inc. and Seefried Properties Inc., both Atlanta-based companies, have hit the bulls eye in preleasing 355,000 sf of new bulk distribution space at their under-construction 750,000-sf first building at Lakeside Ranch Business Park just outside Dallas city limits. Two separate buildings are planned for a total 1.7 million sf of industrial space.

Home Depot Supply of San Diego is the tenant. Officials at Cousins and Seefried declined to disclose lease terms. However, area industrial brokers familiar with the property and the Flower Mound submarket where the park is being built, tell GlobeSt.com the estimated length of the lease is at least 10 years at an estimated gross rent of $4 per sf. That would make the estimated value of the transaction $14 million.

The transaction "exceeds our already high expectations" for the park's success, says Forrest Robinson, president of Cousins' Industrial Division. "Every partnership should begin this way."

Bob Rice, regional vice president for Seefried, says he expects the leasing momentum to trigger the construction start of the second planned building in the second quarter or first half of 2007. The 226-acre park is about two miles north of the Dallas-Fort Worth International Airport.

This is the first venture for the Cousins-Seefried partnership. The joint venture acquired 85 acres in July. Seefried is developing, managing and leasing the first building. Initially a European capital investor, Seefried expanded its interests in the Southeast about 10 years ago to become one of the most active builders of high-tech distribution/warehouse facilities in the eastern US, according to industry sources. The firm leases and manages nearly 11 million sf for its institutional clients and is currently developing more than 3.5 million sf of industrial product in various major markets.

Brokers Steve Berger and David Easterling of CB Richard Ellis Inc. negotiated for Home Depot Supply. Seefried's Rice represented his company.