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New Distribution Centers Coming to Lewisville

 From the Dallas Business Journal:


Atlanta-based Industrial Developments International (IDI), an industrial real estate firm, has closed on a 50/50 joint venture for the development of Valley Parkway Distribution Center, a 529,155-square-foot facility in Lewisville.

The speculative distribution center will be in one of the most sought-after submarkets for tenants, developers and institutional investors near Dallas/Fort Worth International Airport, said John Leinbaugh, vice president of leasing for IDI's Dallas office.

"As absorption and rental rates continue to climb, vacancy rates are at the second lowest point in 10 years and with quality housing, retail, hotel and restaurants nearby, this project only adds to the revitalization of the area," Leinbaugh said, in a written statement.

Plans for project were first announced in August. IDI plans to complete construction by August 2013.

IDI plans to market the development to tenants. The firm has nearly 7 million square feet of space under development in nine states.


Source: Candace Carlisle - Dallas Business Journal, January 9, 2013

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