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LEWISVILLE, TX-Majestic Realty Co. and Northwestern Mutual Life Insurance Co. are ready to move on a 1.3-million-sf first phase of a 160-acre site at Texas 121 and its bypass. The duo has laid out a three-million-sf park in a $120-million development plan that’s being processed for Foreign Trade Zone status.

Al Sorrels, vice president and development director in Dallas for City of Industry, CA-based Majestic, says the spec trio should start to come out of the ground in June. Dirt work has just begun; delivery is slated for first quarter 2008.

Majestic Airport Center’s spec trio will pull 60 acres from the land bank. The initial product will be a one-million-sf warehouse with 156 cross-docks and 36-foot clear height and a pair of rear-load shallow bays in 130,000-sf and 195,000-sf designs with 28-foot and 32-foot clear heights, respectively. Sorrels says the 36-foot clear height, 300-trailer storage area and queuing area for 10 rigs will give the park a competitive edge. By rolling in the Foreign Trade Zone, the park stands out from its peers, he explains.

“We instituted a lot of design aspects that would differentiate a commodity in a commodity-based market with something other than price,” Sorrels tells GlobeSt.com. The 36-foot clear height isn’t commonplace in the market so he’s confident in its ability to hook a deal. Alliance Architects of Dallas designed the buildings. Majestic’s in-house Commerce Construction Co. LP will build them.

Talks will open at $3.15 per sf, triple net. “But when a deal comes down the pike, you sharpen your knife and pare it off,” Sorrels says. “I would hope that during construction that I would land a large tenant for 50% or more of the larger building.”

Sorrels spent the better part of last year assembling the development site from four property owners. The plan has been seeded with city and county incentives, including a commitment to partner with the development team to line the land with two roads.

Sorrels says Majestic and its Milwaukee-based partner expect the park to be a long-term hold. The JV has similar developments underway in Ontario, CA and Norcross, GA.

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