Wednesday, March 05, 2014

New business park with four buildings starting in Coppell

The new business park will be near several industrial buildings ML Realty bought last year in Coppell.
The growing demand for Dallas-area industrial buildings has prompted ML Realty Partners to start a Coppell business park.
Construction will start immediately on four warehouse buildings in the new Park West Crossing project. The 98-acre development is at the corner of Freeport Parkway at Southwestern Boulevard, north of Interstate 635.
The planned business park is just west of the big Cypress Watters community under construction surrounding North Lake.
“The buildings will be delivered right around the end of the year,” said Michael Luecht, principal of Chicago-based ML Partners. “Our accelerated expansion continues in Dallas-Fort Worth.”
ML Partners just broke ground on another industrial project, Crosby Trade Center in Carrollton.
“There has been a nice initial reaction” from prospective tenants, Luecht said. “As there has been already at Park West Crossing.”
Crosby Trade Center has two buildings with more than 296,000 square feet.
The Park West Crossing development will have more than 300,000 square feet. The new Coppell buildings are near five other industrial properties ML Partners acquired last summer.
Those buildings with more than 450,000 square feet are almost fully leased.
“We have tenants expanding and have growth requirements,” Luecht said. “A lot of folks want to be in Dallas-Fort Worth now.”
To accommodate expanding warehouse tenants, developers are building almost 10 million square feet of new industrial space. Much of that is being constructed for very large tenants.
But ML Realty Partners’ buildings will be marketed to small and medium-size firms.
ML Realty buys and builds industrial projects in the Midwest and Texas. The company has more than two dozen properties in the D-FW area.
“Since 1991 I’ve been very bullish on Texas,” Luecht said. “We certainly are off to a great start in 2014.”