TCC's managing director Scott Krikorian, who's heading up the project, wasn't available for an interview before deadline. Word has been on the street all year that TCC was contemplating a groundbreaking on its land, but Krikorian wouldn't discuss the pending project. The new building will neighbor TCC's 531,211-sf distribution center at 2301 Beckleymeade Ave., which was delivered in first quarter 2007 and leased to Atlanta-based Home Depot Inc.
Based on today's average construction costs, the 55-acre project is a $44.3-million undertaking if TCC didn't lock in some pricing cushion when it built the first phase. According to Dallas County tax records, the Home Depot-occupied structure is owned by US Industrial REIT II, a joint venture between TCC and San Antonio-based USAA Real Estate Co.
TCC has penciled a fourth-quarter completion for the distribution center, designed with 36-foot clear heights. "The building is being planned to be LEED certified with the ability to deliver 400 plus trailer positions, a tri-load configuration and a 1,000 foot queuing lane," Jake Marks, first vice president of CB Richard Ellis, says in a press release about the groundbreaking.
The park's dirt fronts Interstate 20 at its junction with I-35 and near I-45 in a corridor that has at least 12 million sf of spec industrial coming out of the ground or on the drawing board as developers, mostly nationals, latch onto the upside from being close to the Union Pacific intermodal in the 6,027-acre Dallas Logistics Hub. Much like its neighbors, TCC's second building will sit in a Triple Freeport zone and carries a 90% property tax abatement with a 10-year term from the City of Dallas.
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