globest.com06/22/04HILLWOOD PLOTTING 1M-SF EXPANSION By Connie Gore FLOWER MOUND, TX-Known for its ready-to-go industrial space, Hillwood has just bought 55 acres to expand Lakeside Trade Center, an 82-acre distribution development now being prepped for another 1.4 million sf. The next construction wave begins in 30 days. The first leg of the expansion will add 196,000 sf to the 266,100-sf Lakeside Trade Center I at 500 Enterprise Dr. in Flower Mound, where brokers are closing in on lease-up. To date, 126,100 sf has been leased, 42,000 sf is awaiting final signatures and the 98,000-sf balance is being seriously eyed by one prospect, Preston Herold, Hillwood Investment Properties’ marketing manager, tells GlobeSt.com. While the deals gel for the one-year-old building, the team is negotiating with single-tenant prospects to jumpstart a 379,700-sf building and the last one planned for the original 82 acres. Herold says he’ll know in 60 to 90 days if the building will go up this year. Meanwhile, Hillwood is platting an expansion of the master development. “We’ve been so successful on phase one that we felt like we needed to get some more land,” Herold says. Lakeside Center II will consist of a 334,900-sf, front-loading facility and 456,950-sf, traditional cross-dock structure.Infrastructure construction will ramp up in the coming months on the north side of Lakeside Parkway near the junction of Texas 121 and FM 2499. Hillwood had dibs on the land for some time with the Beall family. The locally based developer’s MO is not to discuss price, but the going rate in the area hovers $2 per sf. As the phased-in expansion takes shape, Lakeside Trade Center has added a 56,000-sf tenant, Sullivans Inc., a Hanson, MA-sf based distributor marking its first Texas spot. Herold says the long-term lease for the soon-to-be expanded building was signed a month after the firm toured the region in search of a fourth US distribution location to service the Midwest and Texas. The firm moved in to 500 Enterprise Dr. about two weeks ago. Ryan Keiser with Dallas-based Trammell Crow Co. represented Sullivans, a distributor of motorcycles, snowmobiles and powersports accessories. Mark Miller with the Robert Lynn Co. in Dallas steered talks for Hillwood.Lakeside Trade Center is attracting top national names due to a positioning 2.5 miles north of the Dallas/Fort Worth International Airport, ready access to major freeways and Triple Freeport exemptions. The Denton County development also includes 600,200-sf distribution center, which is fully leased for the long term to Best Buy Co. Inc. of Richfield, MN and Maytag Corp. of Newton, IA.
News Article | 6/22/2004