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HOUSTON-A faster than expected lease-up has prompted Trammell Crow Co. and ING Clarion Partners to begin construction on a three-building third phase in the 77-acre Cole Creek Business Park. The industrial buildings, totaling 426,930 sf, will deliver in March 2008.

The development costs aren’t being released, but similar projects are going vertical for $15 million to $17 million based on current construction costs and area comps. Once the buildings are completed at 8708 W. Little York Rd., only 2.5 acres will be available for development.

A year ago, the Dallas-based TCC and New York City-headquartered ING Clarion began Cole Creek with a 211,680-sf warehouse, which leased by Home Depot Supply in a medium-term deal, and a 168,480-sf speculative warehouse. Jim Casey, TCC’s managing director tells GlobeSt.com that the spec building, which came on line in February, leased up within six months and prompted the need for more space. “It leased up faster than we’d thought,” he says.

Under construction are 252,000-sf, 80,000-sf and 94,930-sf buildings. Casey says TCC already has prospective tenants, but no letters of intent as yet. He anticipates lease-up could take 12 to 18 months after the buildings are completed.

As for the remaining acreage, Casey says “we’ll probably be building spec on that parcel, but if a build-to-suit comes along, we won’t say no.” He says groundbreaking on the last parcel, if it remains speculative, could start as early as fall.

Cole Creek Business Park is part of the JV partners’ $500-million industrial development program. Its project team, all local companies, is made up of Powers Brown Architecture, Cobb Fendley & Associates Inc., Haynes Whaley Associates Inc., Redding, Linden, Burr Inc., Rosenberger Construction LP and Wong & Associates Inc. CB Richard Ellis vice president Faron Wiley leases Cole Creek.

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