(Dallas, Tex. – Nov. 20, 2014) 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, as well as medical and suburban office buildings, is developing a 93,000-square-foot, build-to-suit industrial building for two new tenants. The facility, which will be leased by Advanced Spice & Trading (Advanced Spice), a distributor of spices and seasonings for the food industry, and Valdez Corporation (Valdez), a company specializing in private-label dry flavors and seasoning blends, is being constructed on 5.5 acres in Valwood Park in Farmers Branch, Tex.
“We are pleased to be selected by Advanced Spice and Valdez as the developer of their new manufacturing and distribution center,” said Jeff Thornton, Senior Vice President of Duke Realty’s Texas Region. “Our experience in constructing modern, food-grade facilities will serve us well as we deliver a state-of-the-art building designed specifically to accommodate these two growing companies’ warehouse, processing and distribution operations.”
“Duke Realty offered the expertise we needed to not only construct our new building, but also had a well-located, pad-ready site in the Northwest Dallas submarket available for our facility,” said Greg Hanks, Chief Executive Officer of Advanced Spice. “Our decision to partner with Duke Realty was further cemented by the willingness of their team to go the extra mile to complete this transaction.”
The 93,000-square-foot building will serve as the new corporate headquarters for both companies. Advanced Spice will occupy 55,100 square feet of the new facility with Valdez occupying the remaining 37,900 square feet. The build-to-suit facility will include office space for each company, 28′ clear heights, and 50′ x 60′ bay spacing. Nine 9′ x 10′ dock doors and one 12′ x 14′ drive-in door will be incorporated into the concrete tilt-wall building. The site will include spaces for 127 cars.
Tracy Fults with Fults Commercial Real Estate represented Advanced Spice and Valdez in their transactions while Duke Realty was represented by Randy Wood, Vice President, Industrial Leasing.
In addition to this 5.5-acre site in Valwood, Duke Realty also owns an additional 217 acres of developable land throughout the Dallas metro area, including South Dallas, North Dallas and DFW Airport submarkets where it can build 4.4 million square feet of new industrial and office space. Parties interested in build-to-suit development or preleasing opportunities are invited to call Duke Realty’s Dallas office at 972.361.6700.
About Duke Realty
In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 16.5 million square feet of industrial, office and healthcare properties and has strategic land positions available for 3.5 million square feet of future industrial development and 775,000 square feet of future office development. Duke Realty’s local offices are located at 14241 N. Dallas Parkway, Suite 1000.
On a nationwide basis, Duke Realty owns, maintains an interest in or has under development approximately 154.6 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty Corporation 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 is available at www.dukerealty.com.