Meanwhile, crews are on track to finish the 600,200-sf Lakeside Trade Center 3 in November. Best Buy will move into its half that month while Maytag will take occupancy in the latter part of the month or early December, Dan Tatsch of Hillwood Investment Properties says.
Hillwood never talks terms, but it's a sure bet that the leases are long term, coming in a submarket where the average rate for comparable product is hovering at $3.25 per sf. Maytag will use the space for distribution while Best Buy will be setting up a regional repair-and-service facility.
A CB Richard Ellis Inc. team from Ontario, CA--Walt Chenoweth, Frank Geraci and Dan de la Paz--represented Maytag along with Dave Anderson in Dallas. Chris Jackson of the Robert Lynn Co. in Dallas bargained for Hillwood.
Tatsch says the popularity of the Lakeside Trade Center, planned for about 1.5 million sf, has been a pleasant surprise in the ranks even though it was hoped that its airport proximity and positioning along Enterprise Drive would carry the clout to corner the deals. He says it wasn't expected that the first building would fill as quickly as it did. Best Buy reserved its spot in June. The brand-name tenants, Tatsch says, "is a big boost to the park's credibility.
The 460,800-sf Lakeside Trade Center I will be the next building to rise in the development, according to Tatsch. Proposals are out and several tenants are interested.Lakeside Trade Center is a design of RGA Architects of Roanoke, TX. Hillwood Construction Services is the general contractor. The project's third structure will be a 379,700-sf design.
One published account says Maytag will vacate a 239,040-sf distribution center in the Westport section of Hillwood's AllianceTexas, but Tatsch could not confirm if that's the case. The Westport building opened in 1996.
As for Hillwood, the leasing velocity has been such this year that it's within one million sf of a record-breaking year. Deals now total more than 2.8 million sf. Its best year was 2000, when the team closed about 3.9 million sf in deals.
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