(Dallas, Tex. ‒ March 24, 2015) The Dallas office of Duke Realty Corporation (Duke Realty) has signed a long-term lease renewal with Ferrara Candy Company for Grand Lakes II, its 1,060,075-square-foot bulk warehouse on I-30 between Dallas and Fort Worth. Ferrara Candy Company, which manufactures, repackages and sells a wide variety of candy, opted to remain in Grand Lakes II following a comprehensive evaluation of other properties available in the market.
“Our tenant heavily tested what the market had to offer, but ultimately chose to remain in Grand Lakes II because of its location, size and existing relationship, along with our ability to make important tenant improvements in a timely manner,” said Jeff Thornton, Senior Vice President of Duke Realty’s Texas operations. “We are pleased that Ferrara Candy will continue to be a valued Duke Realty tenant, and we are committed to making sure that Grand Lakes II will meet its long-term needs.”
“Grand Lakes II has been an excellent facility for our operations, and Duke Realty has been a responsive, easy-to-work with landlord,” said Steve Rowleigh, Vice President, Customer Supply Chain. “With the improvements they are making to the building, this location will have all of the features we want and serve our needs for many years to come. Plus we will be able to remain in our space and continue the strong relationship we have built together.”
“Grand Lakes II is a modern, Class A, well-maintained building with superior highway access, but did not have air-conditioning throughout,” said Randy Wood, Vice President of Leasing. “A critical component of the lease renewal was adding HVAC so that the remaining 355,933-square-foot, ambient-air portion of the building also would be air-conditioned. Our ability to complete this upgrade in an expedient manner without disrupting Ferrara Candy’s operations, as well as a few other improvements, was important in Ferrara Candy’s decision.”
“The Dallas-Fort Worth market is extremely competitive right now with several large, speculative buildings coming online in addition to build-to-suit opportunities,” added Thornton. “However, as we’ve seen with Ferrara Candy’s lease renewal, Grand Lakes II’s size, design and state-of-the-art features continue to make it an attractive and efficient facility for product manufacturing and distribution.”
Matt Mulvihill and Nathan Lawrence with CBRE represented Ferrara Candy Company in the transaction. Duke Realty was represented by Mr. Wood.
Located in Grand Prairie approximately halfway between Dallas and Fort Worth on I-30, Grand Lakes II features 32′ clear height, 247 dock doors, three drive-in doors, 50′ x 50′ column spacing and 141 trailer storage spaces.
In addition to Grand Lakes II, Duke Realty also developed and owns Grand Lakes I, a fully leased, 755,355-square-foot bulk warehouse that can be expanded by 282,500 square feet, and an 11.72-acre site that is available for development. Grand Lakes is located in a State of Texas Enterprise Zone and has Triple Freeport inventory tax exempt status. Buildings on the site also can be served by Union Pacific Railroad.
About Duke Realty
In the Dallas-Fort Worth area, Duke Realty owns, manages, or has under development more than 16.6 million square feet of industrial 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 national basis, Duke Realty owns, maintains an interest in or has under development approximately 153.2 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. More information about Duke Realty is available at www.dukerealty.com. Duke Realty can also be followed on Facebook and Twitter.