The Hamilton, Bermuda-based Ingersoll Rand signed a seven-year lease for a 47,600-sf structure at 4310 Adler Rd., Al Blaine, executive vice president and development partner for the Bradford Cos. in Dallas, tells GlobeSt.com. "We hope to have them moved in by the end of August," he adds.
Blaine says the pipeline of talks would fill another 50,000 sf, some of which should be finalized in the coming weeks. The industrial space is quoted at $4.95 per sf, with $6 per sf to $15 per sf part of the bargaining as a finish-out allowance.
Blaine attributes the nine-month stretch for the first tenant to the "sticker shock" for the "first new small-user, multi-tenant industrial product that's been built in that market in 25 years." The 12.5-acre, Interstate 30-fronting park has shallow-bay spaces from 10,000 sf to 50,000 sf.
According to Blaine, Ingersoll Rand is consolidating two locations--8901 Directors Row in Dallas and 600 E. Centre Park Blvd. in DeSoto. Gary Lindsey, senior vice president in Dallas for Grubb & Ellis Co., represented Ingersoll Rand.
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