The class A industrial lease for 4251 State Hwy. 121 went full circle in 30 to 45 days, John Leinbaugh, vice president of leasing and marketing for the Atlanta-based IDI, tells GlobeSt.com. The win filled the last opening in IDI's 3.5-million-sf park.
DFW Trade Center's Building I has freeway frontage, a perk in the commercial corridor and a dealmaker typically commanding a premium rate. Non-freeway fronting space in the submarket is fetching about $3.50 per sf, net.
"It was a nice deal for us," Leinbaugh says, adding there was competition, but he wasn't privy to the details. Damian Rivera, vice president with Dallas-based Stream Realty Partners LP, represented the Suwannee, GA-based Maxxis, a tire manufacturer for all types of vehicles, including yard equipment and trailers.
Maxxis now occupies about 60,000 sf at 9500 N. Royal Lane in Irving, owed by Denver-based ProLogis. The present location and the new one are roughly seven miles apart. Maxxis will get about 6,500 sf of office space with the relocation and expansion.
IDI last year completed the last building in the 180-acre DFW Trade Center. The 10-building office and distribution park sits near the north end of Dallas/Fort Worth International Airport. "Its location directly adjacent to State Hwy. 121 and proximity to DFW International Airport has cemented this park as a high-demand area for office, manufacturing and distribution use," Leinbaugh says in a press release about the Maxxis deal.
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