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HOUSTON-Construction has begun on the first two industrial buildings in the 77-acre Cole Creek Business Park. The developer has signed Home Depot Supply to a medium-term lease for the 211,680-sf warehouse while the other building, 168,480 sf, is rising as spec.

Costs for the project at the intersection of West Little York and Fairbanks North Houston Roads were not available. Based on area comps and construction costs, a similar project would cost $13 million to $15 million to build. The buildings will be completed by January 2007.

“The Home Depot building is kind of a build-to-suit, but something we would have built anyway even without the lease,” says Jim Casey, managing director with Trammell Crow Co. in Houston. He and TCC’s Faron Wiley represented the owner, Cole Creek Business Park Association Inc. of Dallas.

The Atlanta-based Home Depot Supply has preleased the building to expand not relocate from another distribution center in the metro. Jim Foreman with Cushman & Wakefield of Texas Inc.’s Houston office represented the home improvement giant.

Meanwhile, Casey tells GlobeSt.com that negotiations are under way for at least half of the spec building. Its quoted rate is 39 cents per sf, triple net.

Casey says three additional buildings currently are being designed for the park. A groundbreaking date hasn’t been set. “We’ll hopefully deliver the rest of those sometime in 2007,” Casey says.

Cole Creek Business Park is part of a $500-million nationwide industrial development initiative spearheaded by TCC and ING Clarion. The fund focuses on development and investment in warehouse and distribution centers.

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