COPPELL, TX-Duke Realty Corp., with just one vacancy in 4.4 million sf, is poised to break ground on a 210,000-sf spec project in Freeport North Business Park, a 225-acre industrial foothold with 10 buildings up and two more on the way.

Freeport XI and XII will deliver in mid-February 2005, an estimated $10-million project. With 90% occupancy in its Coppell park stock, Jeff Turner, senior vice president of Duke’s Dallas group, tells that “it makes sense for us to take that leasing risk. We look for an uptick in the market in the first quarter. We can sense that coming. Hopefully, our timing will be right.” The Freeport North expansion will let Duke with 30 acres to develop in the park.

The newest development is classified light industrial in a niche play for tenants needing 10,000 sf to 50,000 sf and 15% to 50% office finish-outs versus the norm of 5% to 10% found in most industrial product. Turner says rents will range from $4.50 per sf to $6.50 per sf and TI’s aligned with the office carve-out, falling between $7 per sf to $15 per sf. “It’s a nice little niche for us to offer smaller spaces at a competitive lease rate,” he says. The development breakdown is a 70,000-sf service center for Freeport XII and 140,000-sf, mid-size warehouse/distribution building as Freeport XI. Both have 24-foot clear heights, dock-high and drive-in loading.

Turner says there are no deals in hand, but the leasing team’s chasing “two or three” prospects in its pre-leasing push. Bob Rice, the Indianapolis-based Duke’s vice president of leasing in Dallas, leads the team, which includes Curt Hefner and Ben Appleby. Duke Construction Co. is the general contractor.

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