1000Bulbs Sees the Light in One of the Largest YTD Leases
Urban Logistics Realty executed its first lease at Urban District 30 with 1000Bulbs.com in a 203,040-square-foot lease, one of the larger leases in the Mesquite/Garland submarkets year to date.
MESQUITE, TX—Northeast Dallas is one of the most sought-after submarkets in Dallas/Fort Worth with its labor supply and highway infrastructure. The area has strong tenant demand and a dense population base that is attractive to both distribution and manufacturing tenants.
“Northeast Dallas locations are growing in popularity because of access to labor, access to infrastructure, population growth out east and close proximity to the CBD,” Drew Feagin, vice president of Stream, tells GlobeSt.com.
Despite the ongoing issues surrounding COVID, the industrial leasing market resiliency and growing popularity of Northeast Dallas locations are evident in recent transactions. One in particular features Urban Logistics Realty executing its first lease at Urban District 30/UD30 with 1000Bulbs.com, an online lighting retailer. This 203,040-square-foot lease is one of the larger leases in the Mesquite/Garland submarkets year to date.
The new location at UD30 allows 1000Bulbs.com to grow its warehouse capacity by 60%. The company evaluated all potential options in Northeast and East Dallas to accommodate its expansion needs and ultimately decided on this Mesquite location.
“We are extremely excited to have the opportunity to expand our warehouse footprint and service capability as well as be positioned in such a prime location in the East Dallas area,” says Kim Pedersen, founder of 1000Bulbs.com.
Stream’s Blake Kendrick and Seth Koschak represented 1000Bulbs.com and Stream’s Matt Dornak and Drew Feagin represented Urban Logistics Realty.
“When you have a long-term relationship with a client like we’ve had with 1000Bulbs.com, you feel extremely proud when they show continued growth year after year,” Kendrick said. “Our goal was to do everything we could to ensure our client was positioned in the best possible scenario for continued flexibility and growth, and Urban District 30 offered exactly that.”
UD30 is located in the Northeast Dallas submarket with frontage along Interstate 30 near the Interstate 635 and 30 interchange. After signing the lease with 1000Bulbs.com, UD30 has 773,973 square feet of remaining leasable square footage within five buildings all of which are expected to deliver in fourth quarter 2020.
After dropping sharply in March/April, industrial leasing velocity rebounded to finish the first quarter essentially flat year-over-year. The construction pipeline has begun tapering, but DFW still leads the nation in active construction projects, according to a second quarter report by Transwestern.