PROVEN PERFORMANCE
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Situation
- Stream was charged with executing an in-depth evaluation for available sites and buildings within the Dallas / Ft. Worth, Kansas City and Oklahoma City industrial markets for a 1,000,000 square foot E-Commerce facility.
- The facility had to be fully operational within 12 months.
- Kohl’s was basing the location decision for logistics within the central United States, available skilled labor and timing to market.
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Action
- Stream began a comprehensive search for all available buildings and land sites that could accommodate a 750,000 – 1,200,000 square foot warehouse facility. The search included more than 40 options which ranged from raw land sites that were developer-controlled to second generation facilities.
- Timing forced Kohl’s to focus on the Dallas / Ft. Worth market and on existing facilities and sites that were pad ready and developer controlled. Stream and Kohl’s worked in tandem and dissected each option in order to determine a short list based on available labor and function of the proposed facility.
Results
- Within a 120 day timeframe, Kohl’s executed a build-to-suit agreement with Hillwood to construct a state-of-the art, 951,480 square foot e-commerce facility in DeSoto, TX.
- Kohl’s was awarded record-setting municipal incentives at the city and county levels. Construction commenced at the beginning of November 2011 and a temporary certificate of occupancy was given to Kohl’s on June 7, 2012 with the facility being fully delivered on July 20, 2012, which allowed Kohl’s to operate the facility during the targeted 2012 holiday season.
- As a result, the strategic process and negotiation yielded Kohl’s a comprehensive search allowing them to make decisions based on best in class market and financial knowledge. Stream was able to leverage past relationships and experience when assisting Kohl’s to select the right developer who could deliver in a very tight timeframe.
