Two Long-Term Renewals Shore Up 288,476 SF

Parts Distributing Co./Fleetpride of Corpus Christi, TX doubled in size with the 100,000-sf expansion and early renewal at 4050 Corporate Dr. while Actis Manufacturing Inc. re-upped 88,476 sf and returned 12,000 sf at 4051 Freeport Parkway, creating a 63,000-sf opening that's economically leased for awhile, Chris Jackson, managing director and partner for Dallas-based Stream Realty Partners LP, tells GlobeSt.com. He says the Fleetpride division got its extra space as a result of a 100,000-sf termination to a 341,368-sf lease held by Kay Chemical Co.

The deals took four months to bed down. The end result is a seven-year lease for Parts Distributing and a five-year pact for Actis' headquarters and operating portal, according to Jackson, who teamed with Stream's Bob Hagewood and Blake Kendrick to work out the transactions. Stream got the leasing assignment in July when Denver-based DCT Industrial bought the class A warehouses from San Francisco-based Rreef. The quoted rate hovers $3.50 per sf net for the 441,068-sf building along Corporate Drive and $3.65 per sf net for the 152,776-sf sister.

Jackson says Parts Distributing, a nine-year tenant, didn't shop the market, but it did have three years left on its old pact and it needed to expand. "DCT Industrial did a really great job of accommodating PDC's operational needs," he explains. Ken Boyd and JR Tomlinson with Jackson & Cooksey Ltd. in Dallas were the tenant reps.

Five-year tenant Actis, though, did look around. "Given the existing improvements and proximity to DFW airport, it made sense to stay," Jackson explains. "It was a good deal for both parties." Reggie Beaven and Chase Sutton with Jackson & Cooksey handled talks for Actis.