Doug Johnson, IDI's senior vice president and regional development officer, tells GlobeSt.com that dirt work will start in three to six months on Interstate Commerce Center South. "We're not in a big hurry," he says. "There's a lot of industrial product under construction there now." But, he stresses that IDI intends to build.
"It's a great location and we wanted to get into that market," Johnson says, adding he's been scouting the corridor for a site that would differentiate IDI's project from all others. He says the location at the interstates' kissing point and frontage on both will be the dealmaker for tenants as it was for him. The hard-corner site has roughly 1,350 feet of frontage on each interstate.
IDI's project is in the engineering, design and permitting stage so the all-in development cost is pending, according to Johnson. Macgregor Associates Architects of Atlanta is designing a 520-foot wide cross-dock. Johnson says the building can be divvied into three tenant spaces.
"This site has everything," John Leinbaugh, IDI's vice president of leasing, says in a press release. In addition to interstate frontage, he points to its proximity to the Union Pacific Railroad's intermodal facility in Dallas Logistics Hub and nearby restaurants and hotels.
New product in the southern sector ranges from $3.25 per sf to $3.40 per sf. IDI hasn't set its quoted rate. "We've got a long way to go," Johnson says, "but we're pretty confident we can meet the market."
IDI bought the corner for a one-off project from Don Valk of Dallas, who had Shawn Valk of Assured Realty Group, also Dallas, marketing it to a select few. "He had a price and it was reasonable to us," Johnson says. "We wanted something different from what everyone else is doing." Pax Glenn of Glenn Commercial Real Estate in Dallas brokered the deal for IDI.
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