Majestic Park West Hits 50,132-SF Double

Finish-out is under way in the park's front building at 1025 S. Belt Line Rd., adding 9,000 sf of office area for the newest tenant in the 153,000-sf distribution center. Just recently, Danka USA, a London-based manufacturer of business machines, moved into 22,132 sf, inking a long-term lease for the same structure.

Al Sorrels, vice president and development director for the City of Industry, CA-based Majestic Realty Co., says Nautilus concentrated its search around Dallas/Fort Worth International Airport, narrowing the decision to three distribution centers in the submarket. "It's still very competitive as Dallas always is. You've got to get aggressive," he tells GlobeSt.com. "But, concessions are lessening and rates are holding steady if not climbing a bit."

Majestic Park West's front building is quoted at $5.25 per sf, triple net plus $9 per sf for tenant improvements. The 137,000-sf rear building at 1075 S. Belt Line Rd. is tagged at $5 per sf, triple net plus $9 per sf for the finish-out allowance. Sorrels says the development now has five tenants. "And, we've got discussions going on with several others," he adds.

Hyosung Group, founded in 1966 in Seoul, has its US headquarters in New York City and owns a variety of companies in Los Angeles, Scottsville, VA, Pittsburgh, Scottsburg, IN and Rock Hill, SC. If its boilerplate information is right, the ATM division is the leading supplier to the South Korean financial services market and US off-premise market. As a result, D/FW was on its radar screen because it's centrally located, according to Sorrels.

Dan Carrillo, Nautilus Hyosung's director of finance and administration, says there's additional upside with the D/FW decision. "Our customers will have the added benefit from our new facility in that our sales, service, warehouse and distribution will all be located in one facility," he says in a press release.

Stan McClure with CB Richard Ellis in Dallas represented Nautilus Hyosung. Danka, keeping its deal under wraps until it moved in, had Timothy Kilkelly with CBRE in Tampa as its tenant rep.