Duke's Big Backfill
When one dock door closes, another one opens. For Duke Realty Corp, that happened as two deals (totaling 224k SF) filled two of Dukes largest North DFW Airport vacancies last week.
Duke SVP Jeff Thornton tells us Duke has multiple locations that could be ready to go for a build-to-suit project or spec, should the stars and planets align. CIDResources(a medical apparel provider) inked a114k SF lease at Freeport VI that will fill half of the 228k SF building being vacated by the current tenant, Menlo Logistics (which lost a contract and no longer needs the space). CID moves into601 S Royal Ln in June. When Duke leaders realized that space would be available, they put it on the market and got an immediate backfill. Jeff says that's a good sign that the market is tightening. Occupancy is 93% across Dukes 15M SF Dallas-area portfolio (with 6M SF in the airport submarket), he tells us. Mercer Cos Ryan Boozer represented CID. Duke VP Randy Wood repped Duke.
Norwegian-based Norwex USA, which specializes in reduced-chemical household and personal care products, just moved into 110k SF in the 143k SF Freeport XIV at 800 W Bethel Rd. It could expand in the building in the near future, Jeff says. Transwesterns Sharron Morrison and Brad Struck repped Norwex and Randy repped Duke. Just three years ago, had Menlovacated, Jeff says he would assume the space would be dark for six to 12 months. Now, becausethere isnt much empty space, Duke was able to finalize an immediate backfill. On a personal note: Jeffcelebrated his recent 40th birthday with a trip to Colorado. (Had this been three years ago, considering the rough market, he may have just stayed there.)