"We've enjoyed some pretty good success in Garland," Jeff Turner, senior vice president in Dallas, tells GlobeSt.com. The land scouts have just started tracking prospects in the northeastern submarket, which boasts a 5.8% overall vacancy in the estimated 67 million sf inventory.
The latest lease signing puts Southwest Machines into 16,000 sf of the 105,000-sf Garland Business Center II, says Bob Rice, Duke-Weeks' leasing director. In recent months, Duke-Weeks also has signed Interpress Technologies to 16,500 sf and Carlo Gavazzi, a high-tech product supplier, to 24,500 sf, both in the project's second structure. The 39,000-sf Garland Business Center I is fully leased to SkinCeuticals. Rice says the leases overall range from five to 10 years in the $7-million service center project.
Indianapolis-based Duke-Weeks' 10 1/2-acre holding on the east side of Interstate 635 is fully built out as is its other four properties in the submarket, says Turner. "We're looking at other land in Garland as we speak," Turner tells GlobeSt.com. "We're actually looking for more land everywhere. If we could find more in Garland, that would be great. We think it's a really good market to be in." The problem, though, is the submarket's lack of available land, he assesses. The northeastern submarket is ranked in the region's top four for size.
"It's a very healthy market," says Turner. Bulk distribution per sf is fetching $3.25 net while office-distribution centers are bringing in $4 per sf net. Flex buildings, with high finish-out, are commanding rates of $6 per sf net to $7 per sf net.
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