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LEWISVILLE, TX-With site work now into its second week, Opus West Corp.’s Texas team is planning to go vertical in mid-November on the first leg of a 1.2-million-sf distribution project that will be set on 65 acres of Triple Freeport land north of Dallas.

The initial two-building phase to 121 Lakepointe Crossing will cost slightly less than $20 million, Steve Chilton, Opus’ director of real estate development, calculates for GlobeSt.com. The plan calls for a 488,000-sf building and 155,000-sf design, both coming out as spec in a submarket that’s been stronger than most in the region.

Eric Langford, Opus’ senior vice president of real estate, says proposals are out for a full-building tenant for the larger structure as well as a couple 50,000-sf plus deals that are floating in the market. The Grubb & Ellis Co. team of Gary Lindsey and Robert O. Fulford III hold the leasing assignment. “It’s designed to have zero pre-leased by the time it’s done, but we’re hoping to have 25% to possibly 50% (at completion) on both buildings,” Langford says.

The first phase will take up about half of the site, which fronts Texas 121 and situated between Interstate 35 and the Dallas North Tollway. The second phase will consist of 430,000-sf and 200,000-sf structures. The quartet’s design has 10% to 20% office finish-out which, Chilton says, has attracted interest from distribution companies that keep the headquarters team on site. The 155,00-sf building will be finished Feb. 1, 2004, and the larger one delivering a month later.

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