X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

COPPELL, TX-In a relocation and expansion move to a new headquarters and distribution space, Concote Corp. Packaging Co. has signed a 15-year lease to take 144,019 square feet at Freeport IX in Duke Realty Corp.’s Freeport North Industrial Park. The packaging and distributor of custom-made fabrication will move into its new digs in early December.

The lease brings the 559,582-square-foot Freeport IX at 600 Freeport Pkwy. to 80% occupancy. Jeff Thornton, Duke Realty’s senior vice president of operations in Dallas, explains the space was available partially because the other tenant in residence, Resolve/Archway, downsized last March. “It was a net wash for us,” Thornton says.

He couldn’t comment on the lease consideration, given confidentiality agreements, but tells GlobeSt.com the ask is $3.25 per square foot. Tenant improvements include freshening up 20,000 square feet of office space and air conditioning added to 75,000 square feet of warehouse space. When all is ready, Concote will relocate from its current location at 6120 Peeler St. in Dallas. Tom McCarthy and Paul Whitman with Jones Lang LaSalle represented Concote in the transaction and Randy Wood provided Duke Realty’s in-house representation.

Thornton says 150,000 square feet remains in the eight-year-old Freeport IX, but more potential tenants are coming around these days to look at the space. “We’ve seen a spike in activity during the past 120 days,” Thornton says. Even better is that transactions tend to increase during the end of the year, he notes.

“Truth be told, a lot of tenants understand the market is soft and they’re seeing the opportunity there,” Thornton adds. “The ones who can afford to are coming out and taking advantage of a tenant-friendly real estate market.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.