The Dallas Business JournalJanuary 21, 2000 Real Estate: Part III By Amanda BishopPanattoni-Hillwood plans to launch Waters Ridge III distribution center within the next two weeks. The building will be 415,000 square feet initially and expanded later by 242,000 square feet. Waters Ridge I is almost fully leased. Direct Source signed the most recent space for the distribution facility, taking 84,175 square feet. Art Leichner and Jim Cooksey of Jackson Cooksey represented Direct Source. Mark Miller of Robert Lynn Co. represented Panattoni-Hillwood. Gary Frederick, project manager, said remaining spec space in Waters Ridge I will be leased within two weeks. Waters Ridge II is fully occupied by manufacturer Four Seasons.