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FedEx to KDC: I Do!

Dallas-Ft. Worth
FedEx to KDC: I Do!
After 18 months of wooing, Dallas-based KDC finally won over FedEx, resulting in one of Houston's largest new industrial space deals for  2010, KDC VP Randy Touchstone tells us. (We hear the happy couple is registered at Fastenal.)
 
Ellington Trade Center
The honeymoon begins Oct. 1, when 250 FedEx employees move into the 147k SF space at the 50-acre Ellington Trade Center for home delivery operation. Phase 1 of the Ellington project—at 12554 Hwy. 3, across from Ellington Field—was delivered in July '09 with three buildings totaling 513k SF. With this deal, the project is now 40% leased, Randy tells us. Phase 2 consists of 18 acres, a portion of which is currently being used by FedEx for parking. “We made four deals around the first of the year, and the FedEx deal has been ongoing for the last year and a half,” Randy says.
Randy Touchstone
We had a non-headshot, but we accidentally e-mailed it to ourselves using UPS 2-Day. Randy sees companies getting back to business plans. But while they're not frozen with fear, it still takes longer to get things done. He adds that from an occupancy standpoint,Houston is as healthy as any market. Grubb & Ellis Industrial Market Trends 1Q '10 data supports that: Houston's industrial market posted its second consecutive quarter of positive net absorption, totaling 974k SF (ranking  9th nationally for lowest vacancy at 7.5%). NAIHouston's John FerruzzoGriff Bandy, and Jon Michael represented KDC. Fischer & Co.'s Kirk Bittel repped FedEx.
Related Topics: John Ferruzzo, Jon Michael