First Industrial Jockeys for 472,200-SF Win

GARLAND, TX-A single-tenant, 472,200-sf user could be in hand by month’s end, a deal that would clearly jumpstart a second phase for a sister building in a 40-acre development of First Industrial Realty Trust Inc. It’s a little premature to label it a done deal, GlobeSt.com is told.

Nonetheless, the Chicago-based First Industrial is stirring up some pre-leasing interest for the second phase to its First Garland Business Park. The push to find tenants is coming as the developer takes a lead berth on the short list for a large user at 3737 West Miller Road, a building that delivered in the spring. A decision on who gets the deal comes at the end of the month, says Kirk A. Tames, First Industrial’s regional development officer in Dallas.

The First Garland Business Park, planned from the onset for two buildings, is located at the intersection of Sandin and West Miller Road off Interstate 635. Tames is in the midst of working up the price for corporate approval to ramp up second-phase construction. “The pad is there,” he says. “It’s not a question of what, it’s a question of when.”

Tames is somewhat hesitant to talk about the upcoming plans until he has a tenant in hand for the first phase. But, he admits he is sending out proposals and getting some nibbles for Northside Miller Road, a building designed to add another 472,200 sf. The size isn’t etched in stone and could change to conform to the market before chasing the permit.

According to Cushman & Wakefield of Texas, the Garland/Mesquite submarket had a 9.5% overall vacancy in its 40.9-million-sf inventory at the end of second quarter. But on the absorption barometer, it was only one of three that posted to the positive, sealing off 696,132 sf for a second-place ranking in Dallas-Fort Worth industrial market. Even sweeter for First Industrial’s consideration is that C&W said the submarket did not have any product under construction at the Q2 close.