(Read more on the industrial market.)
DALLAS-Four tenants have signed leases totaling 280,000 sf of distribution space at Atlanta-based IDI's Beltline Trade Center, Skyline Trade Center and Valwood West Business Park. The deals include two leases totaling 165,000 sf at Beltline, along with one for 87,480 sf at Skyline and a 27,490-sf lease that takes the Valwood project to 100% occupancy.
At Beltline, which is just northwest of Downtown Dallas, Jupiter Logistics Ltd. signed for 105,000 sf in a five-year lease at 346 E. Belt Line Rd. in Coppell. Jupiter, which is new to the Dallas area, will provide warehouse and fulfillment services to a wide range of customers at the new facility, according to Stuart Mason, co-owner of the logistics firm.
Mason says Jupiter's customers include companies that distribute industrial supplies and aviation components, among others. "We'll begin receiving products at this facility by the end of July," he says.
Also at Beltline Trade Center, Harvel Plastics Inc. signed a five-year, 60,000-sf lease for a distribution facility at 346 E. Belt Line Rd. The Easton, PA-based company, a manufacturer of thermoplastic pipe, duct and extrusions, has already begun operations at the facility.
Patrick Foose, vice president of sales and marketing at Harvel, says that the new space will enable the company to more efficiently serve its customers in the Gulf States and in Central and South America.
At IDI's Skyline Trade Center in Mesquite, the Merit Group Inc., a distributor of paint and related products, signed a 10-year, 87,480-sf lease with IDI to occupy Building A at 2400 Skyline Dr. John Leinbaugh, vice president of leasing in IDI's Dallas office, points out that the class A building near the interchange of Interstate 635 and Gross Road is near a facility that the Merit Group currently occupies.
In the fourth lease, Contractors Wire and Cable, a distributor of low voltage cable, wiring and security products, signed a five-year deal to occupy 27,490 sf in Building C in Valwood West Business Park at 2045 Westgate Dr. in Carrolton. The lease, which brings the four-building, 576,976-sf Valwood project to 100% occupancy, will enable Contractors Wire to more easily supply its Texas and Central US markets.
IDI was represented in all four leases by Leinbaugh, who also represented Harvel Plastics. Contractors Wire and Cable was represented by Jerry Alexander of NAI Huff Partners, the Merit Group by Stephen Cooper of the NAI Robert Lynn Co. and Jupiter Logistics by Bo Bond and Forshey Hoobler of the Staubach Co.
Terms of the leases were not disclosed. Overall Metroplex asking rents for distribution space ended the first quarter at a $4.64 NNN yearly rate per sf, according to Grubb & Ellis.
At Beltline, IDI has developed one building to date, the 375,000-sf Building A, where 210,000 sf remains available. At Skyline Trade Center, the company has developed two buildings, the 262,440-sf Skyline A and a newly completed 492,000-sf building called Skyline C. Skyline A has 116,000 sf remaining for lease, and all of Skyline C is available.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
