X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GRAND PRAIRIE, TX-In an off-market deal, Atlanta-based Seefried Industrial Properties Inc. has picked up a 13.7-acre tract to get some development breathing room for its 335-acre RiverPark. The developer was down to 28 raw acres after seven years of construction and leasing.

Bob Rice, Seefried’s regional vice president, is pushing the site at 3350 Trinity Blvd. for one of the build-to-suit deals in the market, but he isn’t ruling out spec down the road. He tells GlobeSt.com that the land is banked until he leases up the 10% vacancy in the park unless a BTS offer comes along. For now, the leasing focus is a 150,000-sf opening due to Houston-based CEVA Freight Logistics LLC’s relocation to a build-to-suit on ground-leased land at Dallas/Fort Worth International Airport and the just-delivered 328,828-sf RiverPark 700.

“We’re getting just about built out in the park. The opportunity presented itself. It made sense for a lot of reasons,” Rice says. “Basically, we’re drafting off everything we’ve done and to expand the park.” The first building delivered in July 2002, nearly two years after Seefried bought the original 320 acres along the Fort Worth-Grand Prairie border. The development now holds more than 4.1 million sf of industrial and flex office space in one-time spec and BTS projects.

Seefried bought the land from Site Concrete Inc. of nearby Irving, TX, which used it as an equipment storage yard for its adjacent operation at 3340 Roy Orr Blvd. “From the city’s standpoint, it will turn from a storage yard to a tax-revenue producing, good-looking building,” Rice says. “He was ready to sell and we took advantage of it. Land is our raw material so we can make our widgets.”

Seefried’s spec plan calls for RiverPark 900 to be a 277,000-sf design with 32-foot clear height and 420-foot cross-dock. The architect is Realacorp America of Atlanta. The developer also has a 16-acre tract, earmarked for a 500,000-sf building, and 12 acres, reserved for a 280,000-sf project. RiverPark’s quoted lease rate is $3.35 per sf, triple net, with $3 per sf as the tenant-improvement allowance.

As Rice points out, land in the immediate area is a premium commodity. Across Trinity Boulevard, the Sowell & Co. of Dallas has just put a 10-acre tract on the market. And right beside Seefried’s new site is a 300,000-sf warehouse being built by Dallas-based Crow Holdings. “Just about everything is taken,” Rice says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.