Two-Decade Spec Void Has Tenants Clamoring for Industrial
The first new speculative industrial development in Richardson, Parc NorthEast, provides an alternative option for new and existing tenants seeking space not available for nearly 20 years.
RICHARDSON, TX—In response to a speculative industrial void that languished for some two decades, approximately 124,537 square feet of combined industrial space has been leased at class-A Parc NorthEast, a 434,640-square-foot four-building industrial development, according to Jackson-Shaw. The development is specifically designed to cater to a wide variety of tenants ranging in size from 18,000 to 434,640 square feet.
Mygrant Glass, a family-owned auto glass wholesaler, has leased the entire space in Building 4, which is approximately 93,079 square feet. Section Stack, a family-owned garage door company, has leased approximately 31,458 square feet in Building 2. Parc Northeast’s first tenant, E4D, a manufacturer of high-tech medical devices, pre-leased 42,362 square feet in Building 2 before construction was completed, leaving approximately 42,696 square feet available in Building 2.
“The continued demand for class-A industrial space at Parc NorthEast shows the importance of the project’s in-fill location within the Dallas urban core,” said Grant Pearson, vice president of development at Jackson-Shaw.
Approximately 132,216 square feet are still available in Building 1 and 88,829 square feet are still available in Building 3. The complex has access to the President George Bush Turnpike.
“Parc NorthEast is the first new speculative industrial development in Richardson in nearly 20 years and provides an alternative option for new and existing tenants seeking a modern space that wasn’t previously available,” said Joshua Barnes, senior vice president at Holt Lunsford Commercial. “It comes as no surprise that this development has already secured three tenants because its strategic location provides one of the most advantageous distribution sites in Dallas-Fort Worth.”
Barnes is managing the leasing assignment for the development. The reason it is Richardson’s first new speculative industrial development in nearly two decades is a simple one, Pearson says.
“This is mostly due to a lack of large industrial zoned land sites within Richardson,” he tells GlobeSt.com. “Most of the undeveloped industrial land in Richardson is user-owned and not for sale.”
With close proximity to residential neighborhoods, the fix was to work with the city to rezone the land and design buildings that positively affected adjacent residents, which Jackson-Shaw did. And, the company invested $250,000 to enhance a three-acre park that contributes to not only the health and wellness of Parc NorthEast’s tenants, but the surrounding area’s residents.
Jackson-Shaw also collaborated with homeowners and the city to devise a solution to resolve a serious flooding situation in the adjacent residential neighborhood. Parc NorthEast re-routed drainage from the properties to the north that had been previously flowing through the neighborhood to flow within the parks’ detention area and alleviate flooding in the residential neighborhood to the east, GlobeSt.com learns.
“In addition to the positive environmental attributes, this project is notable for the unique characteristics that were integrated into the designed environment to create the look and feel of either an office park or corporate campus but with the functionality of a class-A industrial space,” Pearson tells GlobeSt.com. “The use of a new design material, Nichiha fiber cement panels, which have never been used in an industrial project before, helped create spaces that blended with, elevated and inspired the external environment. The overall effect of this design creates an engaging, efficient workplace environment that attracts and retains established businesses and new entrepreneurial ventures from throughout the region.”
In addition, Parc NorthEast was recognized in Richardson’s 2019 Economic Development, Growth and Expansion/EDGE Awards and received the commercial real estate project award. The award is given to a Richardson real estate project in office, industrial, retail, transit-oriented development or mixed-use development which demonstrates a positive new vitality for the city and has a strong impact on Richardson’s commercial real estate sector.
GID is the project’s equity partner, MYCON is the general contractor for the project, GSR-Andrade is the project’s architect, Kimley Horn is the civil engineering firm and Veritex Community Bank is the construction financier.