IDI Signs Two Tenants, Plans Construction on Center

COPPELL, TX-IDI signed two leases totaling 384,408 square feet in industrial facilities locally and in Grapevine, TX. Additionally, improving market activity and positive proformas  prompted the Atlanta, GA-based company to plan a ground-breaking, within the next month, on its 529,570-square-foot Valley Parkway Distribution Center in Lewisville, TX.

On the leasing side, UPS Supply Chain Solutions Inc., a division of UPS, signed a three-year lease for 135,000-square-foot at Beltline Trade Center at 346 Beltline Rd. in Coppell. Meanwhile, in Grapevine, TX, syncreon expanded its current location by 80,000 square feet to 249,408 square feet through a five-year deal at DFW Trade Center, 4250 Patriot Dr.

According to Doug Johnson, regional development officer with IDI Dallas, syncreon has already expanded its space, while UPS will move into Beltline Trade Center within the next 30 days. Sharon Morrison with Transwestern represented UPS in the lease transaction; Rick Medinis and Tyson Erwin of NAI Robert Lynn represented syncreon in the DFW Trade Center transaction. John Leinbaugh, vice president of leasing at IDI's Dallas office represented IDI in both transactions.

Though Johnson declined to discuss financials pertaining to both transactions, he did tell GlobeSt.com that rents have gone back to market lease rates. "During the recession, we lowered the rates, but now we're back to our original proforma figures," he adds. "The industrial sector has recovered extremely well, especially with the lack of new construction."

The increased activities, combined with proforma rates rivaling those of 2007 prompted IDI to start construction on Valley Parkway Distribution Center, a speculative development at Valley Parkway and Spinks Road. Johnson says construction will begin in the next 30 days, with completion scheduled for December, 2012. "This is not something we would have done a year ago," he comments, with a laugh.

Johnson goes on to explain that, when it comes to class A industrial space throughout the Dallas-Fort Worth area, there's an 8-12 month supply of product on the market today. As such, "by the time this is finished," he says, "there should be good demand for the space."