GRAPEVINE, Texas With four prospective tenants in line, the 1.3-msf Heritage Business Park has reclaimed 100% occupancy within two weeks of a 14,382-sf space becoming available. The fast-paced backfill could lead to new construction in the class A industrial park.
The new tenant is Paragon Brokerage Inc., which will relocate its headquarters, showroom and warehouse to the 74,700-sf Heritage Business Park Building VII, 720 Industrial Blvd. Occupancy is planned for June 1.
"There was so much competition for this space that it put the landlord in a good position. It was 30 days max from the initial showing to the lease signing," says Michael W. Spain, senior vice president and managing partner of Dallas-based Bradford Commercial Real Estate Services.
The office/warehouse space was sporting a high-end finish-out when Paragon toured. The suite is divvied into 6,000 sf of office space and the balance as warehouse. Tenant improvements will focus on expanding the showroom area for Paragon, one of the world's leading military exchange marketing organizations.
Paragon has inked a long-term lease through direct negotiations with Spain, who landed the new tenant by good old-fashioned cold calling on businesses in the immediate area. The company is relocating from 405 S. Nolen Dr. in Southlake.
"I had four prospects for this space within two weeks of it being vacated. It's indicative of what's going on the DFW Airport submarket," Spain says. "It's one of the hottest submarkets in all of Dallas/Fort Worth right now."
Heritage Business Park also contains the largest block of industrial-zoned development land in Southlake 24 acres fronting Kimball Avenue. With the existing class A space completely filled for the foreseeable future, KTR DFW LLC of Conshohocken, Pa., is now considering ground-up development on a 24-acre tract that could support roughly 400,000 sf of new industrial space. KTR acquired the 108-acre business park five months ago from A&B Properties Inc.
June 30, 2014