COPPELL, TX-In roughly two months, Duke Realty Corp. has brought its 383,925-square-foot Freeport VII distribution building from totally vacant to 85% leased.
The owner recently signed a long-term lease with Intechra for 116,980 square feet at 631 South Royal Lane. Last month, it inked a deal with SP Richards Co. for 212,776 square feet at the same facility.
Freeport VII has been empty since Exel Logistics lost a contract and vacated the space, according to Jeff Thornton, senior vice president of Duke Realty’s Dallas operations. He tells GlobeSt.com both Intechra, an IT asset disposition company, and SP Richards, an office supplies and furniture distributor, were existing Duke tenants, but were looking to make a change.
“In this day and age, given current activity in the market, our focus in on tenant retention and asset management,” Thornton says. “If tenants come to us and want to expand or their requirement changes, we are able to accommodate them because the size of our portfolio gives us that flexibility.” For example, Duke owns 4 million square feet in the Freeport North industrial park.
Currently, Intechra occupies about 153,000 square feet in Duke’s Frankford Distribution Center III in Carrollton, TX. The company’s lease was schedule to expire at the end of this year, and the company also wanted to move closer to Dallas/Fort Worth International Airport, Thornton notes.
Freeport VII puts Intechra within one mile of the airport and offers immediate access to I-635, SH 121 and other major highways. The company will remain at its current facility until March 31, 2011, and will move into its new space on April.
Jones Lang LaSalle's Vice President Forshey Hoobler and Managing Director David Richards negotiated the deal on behalf of Intechra. Curt Hefner, a senior leasing representative with Duke Realty, represented the landlord.
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