IRVING, TX-Putting the deal to bed in four months, a Dallas investor has taken control of 39.9 acres for a speculative industrial development and lot sales, targeting small users in a submarket that caters to large operators. Construction will start in March on the first spec building, 22,500 sf on a 1.5-acre tract.
Leigh Holdings LLC had been looking for developable land for 18 months before it zeroed in on long-marketed acreage owned by Austin-based Temple-Inland Inc., Robert O. Fulford II, vice president with Grubb & Ellis Co. in Dallas, tells GlobeSt.com. Matthew Hickey with Stanford Realty Advisors in Dallas was marketing the land along Valley View Lane for $1.50 per sf. "We beat that price," says Fulford, who will handle preleasing and sales for Leigh Holdings.
Fulford says the development, still without a name, could end up with 250,000 sf, plus or minus. The plan is to fill the land with 20,000-sf to 40,000-sf buildings unlike its neighbors. "They're all building and catering to large users," he says. "Nobody's really building these smaller buildings in this market right now." Leigh's land borders Koll Development Corp.'s CentrePort Business Park near the D/FW International Airport and is close to the Atlanta-based Seefried Properties RiverPark development.
The developer, who's now mapping out the interior road, hired GSO Architects of Dallas to design the project. Fulford says another "three or four" spec buildings will come out of the ground in 2006. Rental rates have yet to be set, but land tracts, the smallest of which will be 1.5 acres, will start at $3.50 per sf, he says.
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