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COPPELL, TX-With 3.5 million sf in Freeport North now fully leased, Duke Realty Corp. is poised to kick off work on another 237,600 sf to put a pair of class A office/warehouses at the front doorstep of its flagship park in Dallas/Fort Worth. The $10.5-million project got clearance after talks landed a full-building lease for a four-month-old, 70,000-sf spec structure.

Pegasus Logistics Group signed a seven-year lease for the park’s only block of open space, Jeff Thornton, senior leasing representative for the Indianapolis-based Duke, tells GlobeSt.com. The firm will move its national headquarters team into Freeport XII at 615 Freeport Parkway in the fall.

The Pegasus talks began in February in a submarket rife with competition due to its proximity to the Dallas/Fort Worth International Airport, freeways and substantial amount of new product. Duke had Freeport XII on the market for $6.50 per sf, triple net with a $10-per-sf, tenant-improvement allowance. Thornton says the headquarters facility will be built out with 35% to 40% office finish tailored to a corporate atmosphere. Pegasus, now headquartered at 612 E. Dallas Rd. in Grapevine, was represented by Chris Jackson and Rebecca Smith with Dallas-based Stream Realty Partners LP.

With the Pegasus deal filed away and the rest of the space now gone, Thornton is courting three prospects for the upcoming spec buildings, which will sit side by side fronting the main road. ‘We’re not going to sit on our laurels,” he says. “Our goal is to get a prelease done before they deliver.” Ground will break in the fall; delivery is planned for April 2006.

The 143,000-sf Freeport XIV will go up on 7.82 acres–a front-park, rear-load design with 24-foot clear height, 20 dock doors and a drive-in ramp door. Also a rear-load facility, the 94,600-sf Freeport XV has the same design elements, but with 12 dock doors and a 5.76-acre tract. The designs are geared toward tenants needing upward of 25,000 sf. The space is being marketed at $4.50 per sf to $6.50 per sf, triple net with $7 per sf to $12 per sf in TIs.

Duke’s Dallas team has been bringing out product in twos in the 220-acre Freeport North, which will have about 13 acres left to develop when the double spec project comes off the drawing board. The 140,000-sf Freeport XI at 625 Freeport Parkway was taken down by Bank One before it too delivered in April. In recent months, medical supplier Owens & Minor Inc. of Glen Allen, VA leased 150,000 sf and Milwaukee-based Derse Exhibits Inc. re-upped 68,000 sf.

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