Nippon Clears Six-Year, 80,000-SF Lease

Noel Hutcheson with Cushman & Wakefield of Texas Inc. tells GlobeSt.com that the stair-step lease was packaged so the relocation could start and be done before the Feb. 1 kick-in date for the new pact at 1100 28th Ave., a 227,200-sf distribution center owned by New York City-based ING Clarion Partners. Nippon will add 15,000 sf with the move from 8065 Tristar Dr. in Irving.

Hutcheson says a couple dozen buildings met the requirement before the short list was pared to "two or three." He says the winning deal is a turnkey package with a fully overhauled 6,000-sf office and minor upgrades to the second-generation warehouse space. "We did get a tremendous deal," he says, citing the search was confined to in and around the airport. "Total occupancy costs were very competitive." According to NTCAR Data Exchange, total expense costs for the space is 45 cents per sf. C&W's latest market report pegs the weighted average industrial rate in the airport area at $3.35 per sf.

ING and its team of Trammell Crow Co. brokers "were able to meet our aggressive timeframe," Hutcheson says. "Timing was absolutely crucial." The on-airport lease goes into effect just as the Tristar deal expires, according to Hutcheson.

C&W's local team included Rick Hughes and Stephen Lehn. Hitoshi Aratani in C&W's New York City office also helped with the site search and negotiations for Nippon's freight-forwarding operation. The TCC team consisted of Steve Trese and Dayton Conklin.