Berlin Packaging Corp. has taken 100,440 sf at 3737 Rock Quarry Rd., with Stanpac Inc. of Smithfield, ONT putting in dibs for 84,660 sf, John Leinbaugh, IDI's vice president in Dallas, tells GlobeSt.com. He says Berlin Packaging is planning a third-quarter move-in; Stanpac opens doors at the end of this month.
With the back-to-back deals, Building H has won its first two tenants and was left with just 66,000 sf of distribution space to fill in IDI's remaining stake in the Interstate 30-fronting Pinnacle Park. The developer's 324,000-sf distribution center at 4024 Rock Quarry Rd. was leased earlier this year to Florida-based Tree of Life on a single-tenant basis for the long term. Building H's balance is being marketed at $3.60 per sf, triple net.
"I wish I had more land to build more buildings there," Leinbaugh says. "We're seeing a continuing flow of activity in the marketplace." IDI, one of the first industrial developers in Pinnacle Park, has built and sold six structures totaling three million sf, with an IDI sister company continuing to manage them for a mix of owners. Leinbaugh says the developer has yet to decide if the Rock Quarry Road buildings will come up for sale in the near or long term.
Berlin Packaging will move from IDI's Building G at 4039 Rock Quarry Rd. in Pinnacle Industrial Center, where it has leased 66,000 sf for the past five years after relocating from nearby Turnpike Distribution Center. The bottom line is it needed to expand again. "With this expansion, they're staying in Pinnacle Industrial Center," Leinbaugh is quick to point out.
Stuart Smith, senior vice president of UGL-Equis Corp.'s Dallas office, represented Berlin Packaging. "We surely competed in the submarket," Leinbaugh says about the deal-making process. "Stuart is a good broker and he surely looked at the entire submarket."
Berlin Packaging's deal went full circle in "two or three months, just like Stanpac's, according to Leinbaugh. Dallas-based Staubach Co. associate Michael Swaldi and executive vice president Sharon Morrison bargained for Stanpac, an ice cream container manufacturer taking its first lease in the region since last year's takeover of a local division of Highland Park, IL-based Solo Cup Co. and inheriting a leased site in nearby Redbird Industrial Park.
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