Duke Secures 168,000-SF Tenant
- Mar 10, 2011
March 10, 2011
By Barbra Murray, Contributing Editor
Duke Realty Corp. has rounded up a tenant to occupy 168,000 square feet at Grand Lakes I, a 755,400-square-foot, state-of-the-art bulk warehouse facility in Grand Prairie, Texas, less than 10 miles west of Dallas.
Carrying the address of 4003 Gifford St., Grand Lakes I first opened its doors in late 2006 within Duke’s 130-acre Grand Lakes master-planned industrial park, located midway between Dallas and Fort Worth. Commercial real estate services firm Cushman & Wakefield represented Keystone in the lease transaction that will allow the auto parts supplier to combine operations at two existing facilities in Dallas under one roof, and provide the company with extra square footage. Keystone will make the move to its new digs this month.
Keystone’s commitment pushes the occupancy level at Grand Lakes I to 72 percent. The fact that the tenant will be taking up more room than it will leave behind is indicative of the progress being made in the Dallas-Fort Worth Metroplex industrial market. “We had negative absorption in 2009 but in 2010 we got back into the positive range and a lot of that was due to activity in the fourth quarter,” Jeff Thornton, senior vice president with Duke’s Dallas operations, told CPE. “There has been a little bit of a fall from the activity we saw in the fourth quarter, but we’re certainly feeling like 2011 will be a lot like 2010, perhaps not with the level of absorption we’d like to see, but it will help us take some existing inventory offline and help firm up the market.”