Duke Realty Leases Industrial Asset in DFW
- Mar 28, 2019
Duke Realty Corp. has signed a lease with Cherryman Industries for Grand Lakes 4053, a 189,200-square-foot warehouse in Grand Prairie, Texas. The sustainable office furniture manufacturer will use the industrial building for storage and distribution. CBRE represented the tenant in the transaction, while Duke Realty had in-house representation.
The asset is in a State of Texas Enterprise Zone with Triple Freeport inventory tax-exempt status. Furthermore, the property is situated in the Great Southwest industrial submarket, which led the DFW industrial market in total absorption during 2018.
Located at 4053 Grand Lakes Parkway, the Class A warehouse is roughly 13 miles from Dallas Love Field Airport. “Its location fronting Interstate 30 between Dallas and Fort Worth provides last mile access to a large portion of DFW’s population of 7.3 million people,” said Jeff Thornton, Duke Realty’s regional senior vice president, in a prepared statement.
Grand Lakes 4053 is a front-load building featuring 32-foot clear height, 44 9 x 10-square-foot dock doors, 2 12 x 14-square-foot drive-in doors, 56 x 50-square-foot column spacing and a 185-foot truck court. According to Yardi Matrix data, the asset was built in 2018 on a 13.2-acre parcel and there are 112 automobile parking spaces and 44 trailer spaces on the premises.
Krista Raymond and Dave Anderson with CBRE negotiated the lease on behalf of Cherryman Industries, while Randy Wood represented Duke Realty. Earlier this month, Duke Realty signed another lease for a 194,120-square-foot industrial asset in Savannah.