Spec Project Breaks Ground in East Plano

PLANO, TX-A $3.8-million spec development will bring two warehouse buildings to the market in early spring now that construction has begun on a 14-acre site in East Plano.

Cary Krier, with Colliers International of Dallas, tells GlobeSt.com that the Guilder Drive project currently under construction by Dallas-based developer Maylar LP will fill a void for smaller companies that want to own their own facility in an area where there are few available properties."There is nothing for sale in Plano that is dock high," says Krier, noting that the buildings, a 28,468-sf facility and a 20,543-sf warehouse both located in the East Plano Industrial District off Highway 190, have already attracted the interest of several smaller users. "Activity has been good," he notes, adding that he expects the project, part of a five-parcel development, to be sold out by the time construction is completed in April. Maylar sold two vacant tracts and a 19,925-sf spec warehouse that were part of the development in 2005.

Krier says the two remaining spec buildings, located in what is termed the Research Technology Crossroads, are designed to be sold individually but can be subdivided into four separate industrial condos, depending on the market. The 20,543-sf facility is expected to sell for $1.8 million while the larger building will have a price tag of around $2 million. The development is located one block south of Plano Parkway and east of Jupiter Road in a light industrial area with the Atlanta-based Industrial Developments International Inc. as an immediate neighbor.

While the current rental market for warehouses is not strong in Plano, Krier says the demand for ownership is, prompting Maylar to undertake the project. "There's very limited inventory for sale in the Northeast Metroplex," he says. If the demand for owner-occupied warehouse space in the area continues, Krier says his April sell-out date could well be on target.

The Persian Gulf monarchy of Dubai is poised to become the owner of two of the premiere office parks in the metro area, the Denver Tech Center and the Meridian International Business Park.