What was once the site of defense contractor Raytheon’s campus in Garland is getting a new lease on life. After being purchased by a partnership between Langford Property Co. and Flaherty Development, the campus’s eight buildings will be demolished and replaced by a new industrial distribution center.
The new Jupiter Miller Business Center will cover 40 of the available 70 acres, totaling 800,000 square feet between the two new buildings. Construction on the $50 million development is scheduled to begin this summer and should be completed in early summer 2018.
“Land is becoming more valuable than the improvements. Even after remediation, demolition, etc., these close-in, urban sites are becoming few and far between in the Dallas area,” Eric Langford of Langford Property Co. said in a statement.
Both Langford and Brian Flaherty of Flaherty Development have taken on similar projects before. The pair previously acquired the former National Semiconductor property in Arlington and redeveloped it into three industrial buildings totaling 1.25 million square feet.
Before construction can begin on the Garland property, the eight buildings will require asbestos abatement prior to demolition. And, closing the deal was not without complications, as the property was owned by two different groups. Carter Crow, Byron McCoy, and Trae Anderson of Younger Partners represented one seller, Lexington. The second seller, Raytheon, was represented by JLL’s Craig Phelps and Brad Selner.
“There’s no question this deal had a lot of hair on it,” Langford said in a statement. “But, for an adaptive re-use, taking an office/manufacturing park that has outlived its usefulness and re-purposing it into ‘modern industrial’ is something Brian and I have done, and we felt good about breathing new life into this site.”
