(Read more on the industrial market.)
FORT WORTH-Granite Properties plans to break ground in two weeks on a 355,258-sf spec cross-dock to build out its 25-acre RiverPark Business Center. The $13-million project is penciled to deliver in May 2008.
Jeff Jackson, industrial leasing manager for the Dallas-based development company, says permits are being finalized with the City of Fort Worth so work can begin on the last 15 acres in its RiverPark foothold, which abuts Atlanta-based Seefried Properties Inc.'s 320-acre RiverPark Business Park. "We're looking to purchase additional property in that submarket and elsewhere in Dallas/Fort Worth," he tells GlobeSt.com. But, he adds, there are no more dibs on any RiverPark land.
Granite's second structure, with 32-foot clear heights, will be pure distribution space unlike its first one, a shallow-bay design with flex tenants in mind and spaces as small as 10,000 sf. The next building will be divisible into 100,000-sf to 120,000-sf spaces.
"We found this market really lends itself to bigger users," Jackson explains, adding the larger spec opens the door "to the whole market size wise."
In addition, Jackson says "it gives us diversity so we can do larger deals and smaller deals." Two tenants in the 14,000-sf category are making plans to move into building A while a 250,000-sf proposal is in play for building B. The existing building's base rent is $4.95 per sf; the new building's base is $3.55 per sf.
Dallas-based Hardy McCullah/MLM Architects Inc. is RiverPark's designer and Ridgemont Construction Co., also from Dallas, is the general contractor. Jackson says the second building, with an all-in estimated development tab of nearly $13 million, will have 50 dock doors and parking for at least 25 trailers.
As the crew readies to start the ground-up work, Granite's finish-out team is working on a 14,385-sf space for Birmingham, MI-based Belfor USA Group Inc. and 14,685-sf spot for MSC Industrial Supply Co. of Melville, NY. Jackson says Belfor, signing a five-year lease, will move into the 145,400-sf building A in November while MSC, armed with a seven-year lease, will turn on lights in December.
Belfor, a disaster restoration company, was represented by Michael Stanzel, executive vice president with NAI Robert Lynn in Dallas. MSC, a supplier of industrial products and equipment, had Dallas-based Henry S. Miller Commercial's Greg Trout, president of the office and industrial group, and senior vice president John Brewer negotiating its deal.
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