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FLOWER MOUND, TX-Armed with a $30-million build-out plan, Granite Properties has bought 43.8 acres for its first industrial project in Dallas-Fort Worth. The plan is to build 720,000 sf in five years on land bought for its proximity to the Dallas-Fort Worth International Airport.

Lakeside Commerce Center, which will rise in the City of Flower Mound, gets under way in early 2003 with a 200,000-sf, two-building first phase. The multi-tenant spec structures will deliver in fall 2003.

Granite has bought in the same development as Home Depot, which acquired 22 acres a few months ago in the 365-acre Silveron. The acreage was bought from Daldav Associates, a partnership that owns Silveron, an undertaking of San Francisco-based Silverwing Development. Brent Wicker and Randy Church, both of Wicker Associates in Dallas represented the Dallas-based Granite while John Conger of Dallas’ Wilcox Realty negotiated for the seller.

Wayne Batavia, a Silverwing principal, tells GlobeSt.com that the dual sales are “pretty positive for this economy. The ability for us to sell that much land in a down economy says something about the power of our project.”

Granite’s industrial plan is being brought to market based on extensive research that pinpointed the airport area for the product that it wants to deliver, shallow-bay distribution. Greg Fuller, Granite’s managing director, tells GlobeSt.com that surprisingly there isn’t a lot of land that fits the criteria.

The property was under contract for about five months while Granite and Flower Mound officials worked through such stickling points as exterior finishes, park design and landscaping. “It’s intended to set the tone for the area because it’s a fairly undeveloped area,” Fuller explains, pointing out Lakeside is only the second industrial project inside the city limits. Granite’s development team is being led by David Cunningham.

Fuller says several proposals have been floated in the past week to prospective tenants needing 15,000 sf to 70,000 sf. A closing could come as early as the first quarter. He’s optimistic the project will deliver with tenants on board. North Texas stats show that the average spec industrial project delivers at 30% to 40% pre-leased. “We don’t think we will have trouble achieving that,” he says. Dave Anderson of CB Richard Ellis Inc. in Dallas has won the leasing assignment.

Hardy McCullah Architects of Dallas designed the structures, which will have office finishes of 5% to 40%. Pate Engineers is the project’s civil engineer.

Granite is looking to build an industrial portfolio of close to five million sf in Dallas-Fort Worth through development and acquisition. In Houston, Granite owns 1.5 million sf of industrial product. Like its peers, Granite will tackle both spec and build-to-suits as it jumps into the face-offs that have been driving development this year in North Texas.

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