J. Holmes Davis IV, senior vice president for Philadelphia-basedBinswanger Corp., tells GlobeSt.com that an 82,574-sf lease byPackaging Corp. of America gets some, but not all, of the creditfor investor interest in the distribution center at 1600 E. PlanoPkwy. The empty box, sitting on 26 acres along the President GeorgeBush Toll Road, has been on the market for $19.5 million. Aneighboring 10-acre tract is up for grabs too--at an extracost.

The distribution center abuts the Lake Forest, IL-basedPackaging Corp. of America's manufacturing plant. Stuart Smith,senior vice president in Dallas for Chicago-based UGL Equis Corp.,says the leased space will be used as overflow storage for thecorrugated box maker. He says the search began about six months agofor warehouse space closer to its factory at 1800 E. Plano Pkwy.than the 76,000 sf that it now leases at 808 Stewart Ave. The sweetspot is the new space, leased for five years, is right next door,he adds.

"There is hardly any warehouse space in Plano. Most of what'savailable is higher finish-type space," Smith says, faulting azoning regulation with creating the submarket void. "True warehousespace is a relatively rare commodity because of the zoningissue."