Exclusive: Bradford Starts 260k SF DFW Airport Project
Bradford Commercial Real Estate Services entered into a development venture in a JV with an LA-based investment fund, which just broke ground on its latest project: a three-building, 260k SF spec industrial project at Walnut Hill at SH 161 on the east side of DFW International Airport.
Bradford president/CEO Kevin Santaularia tells us this JV is the sixth development under his ownership. Bradford, he tells us, has developed 5M SF of industrial space since 1989 with a goal of building, leasing and selling upon stabilization. Branded as DFW East Logistics Center, Kevin tells us Pross Design Group Architect designed the project and Jordan Foster is building it. Bradford purchased the 18-acre site about a year ago and just began construction. Kevin says the DFW Airport-centric investors love this site and he likes the heavy existing tenancy as well because those firms looking to upgrade will have modern warehouse facilities available.
Kevin says the $20M project can accommodate users from 12k SF to 260k SF. DFW Airport area vacancies are at historic lows (below 10%). There is ample bulk space, but Bradford plans to target the shallow-bay (less than 100k SF) users. Leasing of the project (which should deliver in the spring) will be handled by Bradford SVPs Brock Wilson and Brian Pafford and VP Joe Santaularia.
Earlier this year, Bradford purchased the 219k SF Citymark building at 3100 McKinnon St in Uptown for an undisclosed amount. Kevin tells us the value-add acquisition is in the midst of $8M in upgrades to the project, which should be done by early spring. By year’s end, the project will be at 90% leased. Among the amenities Bradford is adding is the direct access to Katy Trail and free bike usage provided to tenants. Here’s Kevin (right, with SVP/managing partner Ed Pachecano) at the recently opened Katy Trail access from Citymark. Kevin says he’s been told this is the only Uptown office building that can dump you right onto the trail.
Kevin says the Katy Trail access was the catalyst to buying the building as part of the live/work/play environment. The other major factor is the access; if you’ve been into the heart of Uptown, you can see how congested the streets have become, especially during rush hour. He says Citymark’s entrance and exit at the edge of Uptown are a big selling point for those that need to get in and out of the office frequently. Bradford VP Richmond Collinsworth tells us other improvements include waterproofing the building exterior, a new roof, new energy-efficient HVAC systems, updated restrooms, elevator lobbies and corridors, and new conference facilities and fitness center.
Probably the biggest improvement will be the “park on the mark,” Richmond tells us. (That's him showing us a rendering.) It will offer tenants a private parklike setting atop the tree line on one of highest points in Uptown on a 50k SF deck that previously included a jogging track and basketball court. This new space will give tenants and guests spectacular views of Downtown Dallas to the south, Reverchon Park to the north, the Calatrava Bridge to the west, and the Katy Trail to the east. Inspiration for the space came from the Google campus, he tells us. The space will provide lightweight seating that can be rearranged for various uses, a stage and shaded areas.