IRVING, TX-Jackson-Shaw Co., prepping for a groundbreaking, has put Stream Realty Partners LP on the ground to lease Parc/114, a 600,000-sf flex and warehouse development bordered on three sides by Dallas/Fort Worth International Airport. Work begins June 11 on the 380,000-sf, five-building phase one, set to come out as all spec.

The Dallas-based developer and equity partner, ORIX Real Estate Capital Inc. of Chicago, bought the 52-acre site in February, getting 1,600 feet of frontage along Belt Line Road on the airport’s eastern side. “It’s an amazing piece of property. There really aren’t any comparable sites to this in this market,” says Jason Nunley, the developer’s vice president. It’s possibly the largest undeveloped tract in the submarket that isn’t airport land, he adds.

Nunley tells that Parc/114′s all-in development cost is slightly more than $30 million. As part of the make-ready plan for the new project, Jackson-Shaw has hired Dallas-based Stream’s managing director and partner Chris Jackson, vice president Bob Hagewood and senior associate Blake Kendrick for the tenant chase. The opening quotes will be $5.50 per sf to $10 per sf with tenant-improvement allowances from $10 per sf to $20 per sf, according to Nunley.

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