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COPPELL, TX-Principal Financial Group has landed its first tenant for a spec industrial building now under construction in the 42-acre Coppell Trade Center. The dental tool manufacturer, eyeing a Dec. 1 occupancy, has carved out a 30,747-sf spot in the 195,845-sf, class A project.

Negotiations with Axis Dental have produced a 10-year headquarters lease for 800 Sandy Lake Rd., a hotly chased deal in a pocket where at least three other developers have spec projects on the drawing boards, Kacy Jones with Dallas-based Holt Lunsford Commercial Inc. tells GlobeSt.com. “We had started tying the steel and were ready to pour concrete when we made the lease,” he says. “I think that was the main reason we won the deal. They could actually see site work with our development.”

Jones and James Brice, also with Holt Lunsford, are quoting $4.75 per sf, triple net, and $7 per sf for the tenant improvement allowance. “There are two more deals that we have a shot at making,” Jones says, citing the stiff competition in the Coppell submarket as competitors get ready to begin work on their spec projects.

The Des Moines-based Principal is planning to add a 148,022-sf office/warehouse and a pair of 150,500-sf twins to the park. Axis Dental picked out an end cap in a tilt-wall building that will go vertical within 30 days, Jones says.

Axis Dental will expand slightly with the relocation from 3008 W. Story Rd. in nearby Irving, the headquarters location since 1996 when the owners bought the operation from a bankrupt German company. The move will be made about three months before the Story Road lease expires, according to Jones. Bo Bond and Brant Landry with Dallas-based Staubach Co. were the tenant’s brokers.

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