(Read more on the industrial market.)
GARLAND, TX-Duke Realty Corp. has landed a 250,000-sf tenant for nearly half of its Kingsley Distribution Center, a $15-million, one-off spec project that delivered just two days ago. PlastiPak Packaging Inc.'s plan is to turn on lights in mid-January.
The 531,950-sf distribution center at 3200 Kingsley Rd. won the deal because it was so close to completion, according to Jeff Thornton, SVP of Dallas operations for the Indianapolis-based Duke. "There was competition out there," he tells GlobeSt.com. "But at the end of the day, we had a good location and a building that was close to completion to allow us to meet their timeline." The company wanted to be in the space in early 2008.
The Plymouth, MI-based PlastiPak has a large bottle-manufacturing plant at 3201 Miller Park N. and several other distribution locations in the metroplex. Duke's building is just 2.3 miles south of the factory, a factor that undoubtedly weighed heavily on the search.
Thornton won't confirm it, but market sources say the manufacturer inked a three-year lease for the space. What he can confirm is the inbound tenant got a positioning with 45 dock doors and about 2,000 sf of to-be finished office space. PlastiPak's broker was Andrew McCaig of Primera Cos. in Dallas while Duke's point man for the deal was Curt Hefner, senior leasing representative.
Thornton says Hefner is courting three more prospects for the 281,950-sf balance. The prospects' requirements range from 100,000 sf to 280,000 sf. The open space, which includes two office storefronts, is on the market for $3.25 per sf, triple net, and $3 per sf as a tenant-improvement allowance.
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