New deals and renewals contribute to pacesetting activity in Freeport North and Point West, the company’s premier industrial developments in D/FW Airport submarket
(Dallas, Tex. – Feb. 7, 2012) Duke Realty Corporation (Duke Realty) successfully leased 2 million square feet of space in Freeport North and Point West, its flagship industrial parks in Coppell and the strongholds of its Dallas-Fort Worth operations, in 2011. Through a combination of new leases, as well as renewals and expansions by existing tenants, Duke Realty closed transactions that filled approximately 16 percent of the available space it had in their 15-building, 5.4 million-square foot industrial portfolio in the D/FW Airport submarket.
“The robust leasing activity we had in Coppell this past year shows the ongoing appeal of this location since we began development here more than 10 years ago,” said Jeff Thornton, Senior Vice President of Duke Realty’s Dallas operations. “Our Freeport North 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, state-of-the-art buildings also provide the features that are essential to efficient product storage and movement.”
Transactions in the last quarter of 2011 included a renewal and 152,035-square foot expansion by The Container Store and new leases by NAPA Auto parts and Genera Corporation for 158,729 square feet and 154,838 square feet, respectively. These leases, coupled with earlier-year deals with J.P Morgan Chase Bank for 125,103 square feet and Shaw Industries for 263,625 square feet, contributed to Freeport North/Point West’s current 91 percent occupancy rate. The Container Store, a long-term tenant in Freeport X, added to its leased space due to the ongoing growth of its retail operations. Both NAPA Auto Parts and Genera Corporation relocated to Freeport North because of its transportation advantages. Genera Corporation also was able to secure the additional space it needed in Freeport North.
Due to sustained customer interest in the D/FW Airport submarket, Duke Realty recently increased its presence and ability to develop additional buildings with the purchase of Lakeside Ranch Building 20, a 748,831-square foot Class A bulk industrial building and two undeveloped land sites in Flower Mound. “This purchase increases our holdings in a key Dallas submarket, plus provides us the ability to respond to clients’ needs for new, large blocks of space in a strategic location,” said Randy Wood, Vice President of Leasing, who represented Duke Realty in all of its 2011 transactions at Freeport North and Point West. “Plus we still have approximately 400,000 square feet available for lease in Coppell.”
Jack Fraker with CBRE represented The Container Store in its renewal and expansion of space in Freeport X. Napa Auto Parts was represented by Terry Darrow, Nathan Orbin and Alan Clayton with Jones Lang LaSalle in its lease. Genera Corporation was represented by Conrad Madson and Greg Nelson with Lee & Associates.
About Duke Realty
In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 16 million square feet of industrial and healthcare 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 owns and operates approximately 143 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. 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.