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Duke, Red Oak IDC Team on 1M SF-Plus Industrial

RED OAK, TX-Duke and Red Oak Industrial Development Corp. quietly forge a partnership for 75 acres of rail-served land. The knot was tied with a one-year purchase option.

By Connie Gore | Updated on May 23, 2008

RED OAK, TX-After quietly tying the partnership knot, Duke Realty Corp. and Red Oak Industrial Development Corp. are ready to court the market with a new bulk warehouse project in southern Dallas County. Duke is holding an option for 75 acres to build 1.2 million sf as build-to-suit and spec.

The partnership talks were originated by Pax Glenn of Paxon Glenn Commercial in Dallas. “He thought we’d be a good match,” says Jeff D. Thornton, senior vice president of the Dallas operations for Indianapolis-based Duke. The land fronts Texas 664, a four-lane artery intersecting Interstate 35. Duke’s new development site is less than one mile east of the interstate interchange. It’s also bisected by Omaha-based Union Pacific Corp.’s main line leading to its intermodal yard in the Dallas Logistics Hub.

Thornton tells GlobeSt.com that Duke has a one-year purchase option to the site, but spec or a build-to-suit before the clock stops is practically a certainty. “I think we’ll find someone before a year’s up,” he says. “It might not be 1.2-million-sf deal, but I think we’ll find a 400,000-sf to 500,000-sf deal by then.” GSR Andrade Architects of Dallas is site planning and designing the space. A quoted rate hasn’t been set, but Duke’s typical bulk rate is $3.25 per sf plus $3 per sf for tenant improvements.

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