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HOUSTON-A little more than a year after acquiring 52 acres in the far northwest submarket, Duke Realty Corp. is ready to begin work on the first phase of Point North Cargo Park. The 158,400-sf spec building is being built on 10 acres at a cost of $50 per sf to $55 per sf.

Point North Cargo Park is located within the 200-acre Houston Continental Trade Center. “We felt that the market was strong, with activity being good all over the city so now was a good time to kick this off,” Cory Driskill, senior leasing representative for Duke’s Houston office, tells GlobeSt.com. He says the first building will go up near the intersection of Will Clayton Parkway and Kenswick Drive.

The warehouse project has 28-foot clear heights and 42 dock doors. Driskill says it’s ideal for a single user or up to four tenants. The space is being marketed for $5.28 per sf net and $6 per sf tenant-improvement allowance, both on an annual basis.

Driskill says the first phase, slated for completion in April, will require a 50% leasing commitment before the next building begins. “I’d hope we could kick that second phase off by the end of 2008,” he says, adding the estimated build-out time for the entire park is four to five years.

Point North Cargo Point is geared for primarily speculative development although Duke wouldn’t turn down a build-to-suit. The park will hold up to 850,000 sf of cargo-handling and distribution facilities at build-out.

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