Duke Realty Renews, Expands DFW Facility Lease
- Feb 03, 2021
Duke Realty Corp. has signed a lease renewal and expansion with Plastipak Packaging at Kingsley Distribution Center, a 532,000-square-foot facility in Garland, Texas. The tenant already occupies 400,000 square feet and will expand into an additional 70,590 square feet in March.
Built in 2007, the Class A property has 32-foot clear heights, 92 dock doors, ESFR sprinklers, and an HVAC system. The asset also has parking spaces for 583 cars and 39 trailers. Duke Senior Vice President Jeff Thornton noted that the REIT had begun planning for the tenant’s expansion and consolidation five years ago, and the Duke team will work with Plastipak to update the plastic packaging manufacturer’s new space.
Located on 25 acres at 3200 Kingsley Road, the asset is just off Interstate 635. The warehouse is within 12 miles of Dallas Love Field Airport and less than 11 miles from downtown Dallas. The property is adjacent to a 123,800-square-foot industrial property which traded in late January.
Duke’s Bryan Parker and Matt Hyman represented the landlord, while Andrew McCaig, partner at Benchmark Partners, assisted Plastipak. Last year, Hyman was instrumental in several notable industrial leases in the market, including a 185,344-square-foot agreement at a 634,564-square-foot Class A building in Flower Mound, Texas.
According to CommercialEdge data, industrial rents in the Metroplex have been on the rise, alongside a wider national trend. The average Dallas-Fort Worth rent increased 4.3 percent year-over-year through December to $4.49 per square foot. Further, the metro’s vacancy at the end of last year stood at 4.3 percent, well below the national rate of 6.2 percent.