(Dallas, Tex. – Jan. 4, 2017) The Dallas office of Duke Realty Corporation (Duke Realty), a leading nationwide REIT (Real Estate Investment Trust) specializing in the ownership, management and development of bulk industrial facilities, announces that it is expanding its Grand Lakes 4003 building, located at 4003 Grand Lakes Way in Grand Prairie in the Great Southwest (GSW) industrial submarket. The building, which is currently 100 percent leased by three tenants, will be expanded by 282,507 square feet, bringing its total footprint to 1,037,862 square feet. Current tenant Continental Tires will expand into 58 percent of the new space, leaving 118,007 square feet available for lease.
“Year-to-date, we have signed more than 4.2 million square feet of leases taking our Dallas/Fort Worth industrial portfolio to nearly 100 percent occupancy,” said Jeff Thornton, Senior Vice President of Duke Realty’s Texas Region. “With the expansion of Grand Lakes 4003, we’ll be able to meet Continental Tire’s additional space needs, plus add space to our portfolio that’s available for lease by prospective tenants in this active submarket.”
In the GSW submarket, Duke Realty owns and manages 3.5 million square feet of industrial space, including Crosspoint at GSW and Grand Lakes. Recent transactions contributing to a full lease-up in the Dallas market include renewals and expansions by two existing tenants—Container Store totaling 1,101,500 square feet in Freeport X and Samsung in Point West 240 totaling 287,025 square feet. Leases by new tenants include a 263,625-square-foot lease in Point West 400 by Quaker Sales and Distribution, and a new lease by Clover Telecom for the remaining 127,189-square-foot space in Point West 120, a speculative building developed by Duke Realty last year and 53 percent leased to Insight Merchandising.
Added Randy Wood, Vice President of Leasing, who represented Duke Realty in all of these recent transactions, “The robust leasing activity we have had the past couple of months shows the ongoing appeal of our state-of-the art portfolio. Our Freeport North, Grand Lakes and Point West properties have consistently been the choice of many companies because of their proximity to D/FW Airport and major highways. Our modern, first-class buildings also provide the features that are essential to efficient product storage and movement.”
Duke Realty owns and manages more than 14 million square feet of industrial properties throughout the Dallas/Fort Worth metro area that are 99.5 percent occupied. However, Duke Realty has 169 acres of land available in several locations to accommodate new development.
Parties interested in leasing space in the expanded Grand Lakes 4003 or development opportunities are invited to contact Mr. Wood at 972.361.6739.
About Duke Realty
In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 14 million square feet of industrial properties and has strategic land positions available for future development. Duke Realty’s local offices are located at 14241 N. Dallas Parkway, Suite 1000.
On a nationwide basis, Duke Realty Corporation specializes in the ownership, management and development of bulk distribution and medical office real estate. The company owns and operates approximately 138 million rentable square feet in 21 major U.S. metropolitan areas. Duke Realty is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty Corporation is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.