Chicago-based First Industrial bought the acreage at Interstate 45 near Interstate 20 in 2006 and hired David Anderson at CB Richard Ellis Co. to market the project, which is mapped for approximately six million square feet. In fact, Jones Lang LaSalle's managing director Terry Darrow was the one who gave the assignment to Anderson back then, as Darrow was senior development officer for First Industrial's Dallas/Fort Worth region.
"Dave did a good job, but First Industrial wanted to look at other marketing people. I brought in Jones Lang LaSalle and was impressed with the platform. I liked what they had to say, liked their supply chain logistics group and other groups," Darrow tells GlobeSt.com.
Darrow was so impressed with Jones Lang LaSalle, he left his job with the Chicago-based REIT to join the company last spring. It seemed like a natural fit, therefore, to talk with his former bosses about the possibility of marketing the South Dallas asset.
One of the things Darrow and his team plan to do is target supply chain logistics companies with the space. Darrow says he and JLL senior vice president Kacy Jones and senior associate Will Wyatt are talking to companies responsible for distribution of consumer goods. The property itself is about a mile from the new Union Pacific Intermodal Terminal in Wilmer, TX and is near the junction of two major highways, Interstate 45 and Interstate 35, making it a logical distribution point.
Darrow says the smallest tenant considered would be around 250,000 square feet. "But this is really for larger tenants," he remarks. "The deals we've been looking at so far have been anywhere between 400,000 square feet and 750,000 square feet." The current quoted lease rate is $3.25 per square foot net.
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