McDowell Packaging & Advertising Inc., looking for the last 11 months, jumpstarted negotiations with ProLogis just three weeks ago, Mark Klein of Re/Max Premier in North Dallas tells GlobeSt.com. "Time was of the essence," he says. Jeff White and Mike McCartan, principals of Mark V Commercial Inc. in Plano, represented ProLogis in the sale.
With the deal closing, Klein also secured a three-month extension for McDowell's existing 25,000 sf at 10325 Brockwood Rd. in Dallas. That lease was set to expire March 1, 2004. The extension, he says, "should be just enough time to get this building built and CO'd." Delivery is planned for late May or early June 2004.
Plano City Council this month will make the final decision on an abatement package for the 2700 E. Plano Parkway project. The Research Technology Crossroads is an 1,100-acre development that is half built out with six million sf under roof. The McDowell deal is the first big catch since Flextronics Inc. moved into a 500,000-sf campus at the year's start, according to Jim Young, the city's marketing director tasked with steering the park's development.
ProLogis still has about 12 acres that front Frank Road inside the park's bounds. White says ProLogis put the frontage tract on the market about seven months ago at a list price of $4 per sf.
Stewart Partnership Inc. is McDowell's architect for the multi-million-dollar, class A building with a specialized interior, which must be as dust free as possible for the high-tech equipment used to design and produce packaging for cosmetics, pharmaceuticals, foods and beverages. Less Parent Construction, also a Plano firm, is the general contractor. The 22-year-old McDowell Packaging & Advertising Inc. employs 44 at the Dallas address, but that number is likely to grow with the relocation.
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