A full-blown marketing blitz gets under way in two weeks for the developer of record, NN Enchanted LLC, a group of private investors with a development background from nearby Southlake. Genesis Office Complex, packaged as a merchant build spec, is the group's first move on the product type in Dallas/Fort Worth. The key to the project at 1900 and 1940 Enchanted Way is its location--across the highway from Grapevine Mills Mall, Bass Pro Shop and close to three major arteries leading to Dallas/Fort Worth International Airport, the Gaylord Texan and Great Wolf Lodge.
The leasing team's research has shown only three other office options with 20,000 sf or larger openings within a two-mile radius of Genesis Office Park, positioned close to Texas 121 and 26 and Interstate 635. "You don't have many buildings that are 25,000 sf and that are contiguous. It's hard to fine larger blocks of space in Grapevine proper," says Stream Realty Partners LP's vice president Russ Webb, who's teamed with Kyle Jacobs, also a vice president, to lease or sell the office space.
Jacobs tells GlobeSt.com that the strategy is to break the 26,700-sf office buildings into quads for marketing purposes and build in two spec suites, each 3,000 sf to 5,000 sf, for upcoming shows. The Dallas/Fort Worth firms of Agape World Group and ADI Engineering Inc. are the general contractor and architect, respectively. [IMGCAP(2)]The plan is to turn over shells to Stream Construction Management for interior finish-out.
Webb says the development group has platted the project so the office buildings can be sold separately, now or in the future. With a wide field of marketing options, the Stream team will be seeking $225 per sf for a sale and $23 per sf plus electric and janitorial for leased spaces.
The retail component has comparable flexibility. Jacobs says the 2.7 acres of retail land will be divvied into five lots, with a 26,000-sf retail and office design planned to jump-start the second phase when it's time to add more space. The retail marketing team has yet to be picked.
Jacobs says they've been fine-tuning the marketing plan so Dallas-based Stream's sign has yet to be placed in the ground. "It's all going to fall into place in the next two weeks," he says.
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