The Indianapolis-based Duke has pulled a 30-acre tract with the standard 40-year lease from the airport authority's 125-acre bank in the International Commerce Park. Duke's DFW Airport 1, ticketed for a first quarter 2007 delivery, is being marketed at $3.15 per sf triple net with a $3 per sf tenant-improvement allowance.
Duke's senior leasing representative Jeff Thornton and leasing rep Curt Hefner have fielded requests for five proposals in the 150,000-sf to 400,000-sf range for the International Commerce Park. "By the time it delivers, I would be extremely surprised if we didn't have at least one prelease for the building," Thornton tells GlobeSt.com.
Duke's been searching for awhile for land in the DFW Airport-Coppell submarket to keep deals flowing for existing tenants in its 3.8-million-sf Freeport North Park and be able to win new ones. Duke's down to just 63,000 sf of open space on the airport side of the city.
"Land is so scarce that many developers have been attracted to ground leases," Jeff Turner, senior vice president for Duke's Dallas operations, says in a press release. "We appreciate how easy and straight forward they have made the process."
Thornton says the site "is the closest land we were able to locate in close proximity to our Freeport North development." The sweet spot is the land is underwritten with Foreign Trade Zone and Triple Freeport perks. DFW 1 will be a cross-dock with 32-foot clear heights, 122 dock doors and two drive-in doors.
"The thought process on that building is it will keep up our momentum," Thornton says. The airport submarket has registered 13 positive absorption gains in the past 16 quarters, with tenant expansions stoking most of the recent dealmaking.
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