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Caterpillar's CRE Shifts Add 750,000 SF in Waco

WACO, TX-Caterpillar's expansion plan surfaces in Texas, just weeks after analysts learn about portfolio changes worldwide representing a $2-billion investment.

By Connie Gore | Updated on June 27, 2008

WACO, TX-After keeping analysts on watch in recent weeks about portfolio changes, Peoria, IL-based Caterpillar Inc. has unveiled plans for a 750,000-sf build-to-suit on a 77-acre tract in McLennan County, just off Interstate 35 and south of Fort Worth. The LEED core & shell project will deliver by year’s end.

Indianapolis-based Duke Realty Corp.’s construction arm in Dallas started prepping the site last month, pushing full steam on a project with finish-out that’s sure to top $30 million. Caterpillar first opened doors in 2005 in the city, beginning with a work tools and service operation. In 2007, it added a 975,000-sf logistics and distribution center to create a centralized catch-basin for multiple divisions inside and outside the US. Caterpillar’s land stake is situated between Bagby Road and Gateway Boulevard in an emerging, unnamed industrial park.

“We are moving faster than the design documents are going out,” Teddy Peinado, Duke’s regional vice president of construction, tells GlobeSt.com. He estimates the 520-foot by 1,350-foot cross-dock is running two months ahead of schedule. It originally was penciled for a February 2009 delivery.

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