DESOTO, TX-Hillwood has broken ground on a 550,600-sf cross-dock spec warehouse, the first of three boxes for the 113-acre Crossroads Trade Center business park. Based on the going rate for construction, the project stacks up as a $22.2-million undertaking.
T. Preston Herold, vice president of Hillwood Investment Properties, says a 39-acre development site has been carved from the park, which has 1,300 feet of frontage on Interstate 35’s feeder road at the Interstate 20 junction. Hillwood is just the latest of the region’s industrial developers to open its play this year in Dallas County’s southern sector for land parked near the Union Pacific Railway’s intermodal yard and the Allen Group’s 6,000-acre Dallas Logistics Park. At build-out, Crossroads Trade Center will total 1.9 million sf.
“We feel good about our timing as far as when we’re hitting the market,” Herold tells GlobeSt.com. “We’ve had several really good prospects. The buildings that are up are 100% leased or close to it.” He says the prospect list includes a full-building tenant and at least one for half of the structure.
Herold says Crossroads Trade Center 1’s advantage over the competition is an expandable trailer parking area. The 32-foot clear-height design has 57 dedicated trailer parking positions and enough room for another 130 in addition to truck courts on the north and south sides of the warehouse. Designed by RGA Architects of Roanoke, TX, Crossroads Trade Center I also will be outfitted with 80 dock-high doors, four drive-in ramps and 500-foot depth.
Hillwood has opened the play with a $3.25 per sf net quote for rent and $3 per sf tenant-improvement allowance. The Dallas-based NAI Robert Lynn team of corporate services president Thomas Lynn and executive vice president Craig Jones are marketing Hillwood’s newest project. Hillwood Construction Services will deliver the spec warehouse in the fourth quarter.
Hillwood’s site is included in an application to expand the Southport Foreign Trade Zone, which is awaiting approval from the Foreign Trade Zones Board in Washington, DC. In addition, the development dirt carries a Triple Freeport equivalency and 10-year tax abatement on real property from the City of DeSoto.