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435,179-SF Spec Draws Fossil as First Tenant

GARLAND, TX-First Industrial christens its new flex industrial spec with a five-year lease for 154,991 sf from Fossil, which owns a nearby 517,500-sf distribution center.

By Connie Gore | Updated on August 22, 2008

GARLAND, TX-First Industrial Realty Trust Inc. has nailed its first lease for the just-delivered, 435,179-sf First Garland Business Park in northeast Dallas. The christening is a 154,991-sf deal with publicly traded Fossil Inc.

Dealmakers aren’t discussing the expansion, but GlobeSt.com has confirmed the term runs five years for 3901 W. Miller Rd. It’s also been confirmed that the Chicago-based winner was pitted against ProLogis of Denver and Indianapolis-based Duke Realty Corp. in the final face-off. And, it’s a safe bet that talks got particularly aggressive, given the slowdown in industrial leasing.

The Fossil lease, in fact, topped the submarket’s second-quarter absorption by 13,407 sf, according to the latest stats from CB Richard Ellis. The most current vacancy reading is 10.4% for the 96.7 million sf of industrial and flex product in the northeast sector.

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