DALLAS-With the dust settled on a $496.4-million acquisition in eight cities, Dividend Capital Trust has tapped Stream Realty Partners LP to lease the Dallas/Fort Worth component--a six-building, two-million-sf assignment. Trammell Crow Co. has landed the management pact for what stacks up to be the largest third-party contracts handed out this year in the region.
The DFW Trade Center, positioned along Texas 121, was sold along with 73 properties in Atlanta, Baltimore, Charlotte, Cincinnati, Miami, Orlando and San Francisco. The selling partnership consisted of San Francisco-based Rreef and New York City's TIAA-CREF.
Chris Jackson, managing director and partner for the locally based Stream, says the firm was up against Robert Lynn Co., Cushman & Wakefield of Texas Inc. and Trammell Crow Co., all of which had a vested stake in leasing parts of the package. Jackson credits the win, in part, to Stream's leasing relationship with Denver-based Dividend Capital for its five-building, 237,000-sf portfolio in the Great Southwest Industrial District.
Jackson and Stream senior exec Bob Hagewood are starting out with 16 tenants and 405,000 sf to fill. Jackson tells GlobeSt.com that there's about 400,000 sf set to roll in the next year so their work is cut out for them in terms of renewals and expansions. "There are a number of tenants who've expressed expansion needs," he says. "And, we have a number of very good prospects for the pending vacancy. There's a lot of activity around the DFW airport market." The quoted rates for the vacant space range from $3.35 per sf to $3.75 per sf. The openings are 125,000 sf in a 252,776-sf flex building at 4051 Freeport Parkway and 280,000 sf in a 548,100-sf structure at 4051 N. State Highway 121.
DFW Trade Center was developed in 1997-98 by Atlanta-based Industrial Developments International Inc. The average tenant occupies 120,000 sf, with Kay Chemical Co. as the largest in 341,000 sf of the 438,374-sf 4050 Corporate Dr. The assignment also includes a 202,361-sf building at 4055 Corporate Dr.; 142,748-sf structure at 4155 Patriot Dr.; and 503,074-sf flex design at 4255 Patriot Dr. Office finish-outs range from 5% to 100%.
"We're hoping to do a good job for Dividend Capital and show them we're a good leasing team," Jackson says, "and hope it leads to other assignments."
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