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DALLAS-Trammell Crow Co. has started site prepping 65 acres along Interstate 30 to develop one million sf of spec industrial space. The all-in development tab for the freeway-fronting project, set to break ground within 45 days, hovers $50 million.

The I-30 Business Center will get under way with two 362,000-sf buildings while reserving a 250,000-sf design for a build-to-suit or spec rollout after the initial 724,000 sf gets leased or close to it, says Scott Krikorian, managing director for TCC, which post-merger is an independently operated entity within CB Richard Ellis for development and investment. The industrial project, positioned at the eastern boundary of Pinnacle Park, has been on the drawing board about one year.

“I think the market conditions are right. Occupancy there is strong. Dallas/Fort Worth is continuing to add jobs,” Krikorian explains to GlobeSt.com. “And we think the timing is now appropriate.” The spec cross-dock twins, with 32-foot clear heights, will deliver in November or December.

Krikorian says I-30 Business Center’s designs target 100,000-sf users wanting high-profile locations. “We think there’s a niche for users who like to have that visibility,” he says. “It is designed to fill the needs of modern distributors for clear heights, parking and visibility.”

Jake Marks with CBRE in Dallas is preleasing the development, which will be built by Bob Moore Construction Inc. of Arlington, TX. Locally based Alliance Architects crafted the design. The project is part of the TCC-ING Clarion industrial development alliance.

“There is no preleasing, but there are prospects out there that we are pursuing,” Krikorian says. The project’s quoted rate is still being determined.

The submarket’s 124.3-million-sf inventory is 7.5% vacant, with rents ranging from $3.85 per sf to $7.70 per sf. The I-30 Business Center’s 5.5-million-sf neighbor, Pinnacle Park, is 98.63% filled.

“Activity has been very good. We have seen quite a few prospects interested in having built-in advertising by having their names directly on Interstate 30,” Marks says. “As construction ramps up, we believe the competitive advantage of highway visibility along with strong market conditions will continue to create a high level of interest.”

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