(Read more on the industrial market.)
FLOWER MOUND, TX-Granite Properties, zeroing in on a market gap for small distribution spaces, is adding two more buildings in its 43-acre Lakeside Commerce Center. The 152,000 sf of niche space will come on line in April 2008.
“We feel this type of tenant is underserved in this market. We feel like we can get a little niche,” Jeff Jackson, industrial leasing manager of the Dallas-based development company, tells GlobeSt.com. Granite already has 200,000 sf of distribution space on the ground in Lakeside Commerce Center, but like its neighbors it's all aimed at large users. The new product will have distribution spaces as small as 5,600 sf in building A at 1500 Lakeside Pkwy. and 15,000 sf in building D at 1600 Lakeside Pkwy.
“We have had interest from prospects and brokers who were looking for spaces of 5,000 to 10,000 sf, a smaller size than we offered in phase one,” Jackson says in a press release. The niche play is underwritten with rent quotes of $9 per sf and a $15 per sf finish-out allowance.
Granite will put a 90,200-sf rear-load with a 24-foot clear height at 1600 Lakeside Pkwy., giving it a front-row seat on the main thoroughfare. The 61,800-sf building, also a rear load, has an 18-foot clear height. Hardy McCullah Architects of Dallas designed the buildings. Dallas-based Ridgemont Co. is the general contractor for the estimated $8.5-million addition.
Granite was the second developer to announce an industrial park for the city when it bought the land in 2002. Jackson points out times have changed in terms of available inventory although “we've had success with our existing buildings.”
As crews dig into the site, Jackson has 80,000 sf of leases out for its shallow-bay distribution centers at 1410 and 1420 Lakeside Pkwy. If signed, Granite's available stock will be down to 20,200 sf until the new space comes on line. The developer, though, has about 15 acres remaining in the park's land bank. And, the build-out plan allows for 720,000 sf and up to nine buildings.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
