GRAND PRAIRIE, TX-Lockheed Martin has renewed its lease for 103,559 square feet at Heller Industrial Park here.
The Bethesda, MD-based company’s Missiles and Fire Control division occupies a little more than half of the 200,000-square-foot building located at 510-530 SW 14th St. It will continue to use the space as a research and development facility.
The facility, which is owned by Edison, N.J.-based Heller Industrial Parks Inc., is situated approximately a mile away from Lockheed Martin’s main facility on Marshall Drive, according to Frederick Kurtz, vice president and project manager for Heller. He represented the owner internally, while Lockheed Martin was represented internally as well.
“Lockheed Martin always takes great steps to ensure they have space for specific technological requirements,” Kurtz says.
Kurtz tells GlobeSt.com that Lockheed Martin’s renewal is one of several large deals Heller has inked in the Great Southwest submarket where the firm owns 1.5 million square feet of industrial space. Last week, the company announced that Wagner Industries, a Kansas City, MO-based third party logistics provider, signed two short-term leases totaling 297,000 square feet of industrial space: 107,000 square feet at 310 SW 14th St. and 190,000 square feet at 850 West Freeway. And, earlier this year, Heller renewed Domino’s Pizza for three-year deal for 100,469 square feet at 900 W. Freeway for its pizza dough production facility.
According to Grubb & Ellis Co., the Great Southwest/Arlington submarket recorded the largest leasing gain in the Metroplex during the fourth quarter 2010, absorbing 642,840 square feet. Even so, the submarket struggles with a persistently high vacancy rate of 15%, one of the highest in the entire Metroplex.
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