WareSpace, an industrial operator based in Maryland, is redeveloping a former Fry’s Electronics store in Plano into industrial space. The 175,000-square-foot property at 700 East Plano Parkway has been vacant for four years.
The company plans to create small industrial suites within the building, with sizes ranging from 200 to 2,500 square feet. CEO Levi Cohen described the project as a move toward providing “a small business hub for the community.” Cohen stated, “We’re coming with a unique offer. We’re not putting in like a huge, big box industrial site with tractor-trailers coming in and out 24/7. We make the buildings look nice as well. They’re not an eyesore.”
Cohen did not share information about asking rents but said lease terms would be flexible, allowing companies to rent space for six months or a year without requiring long-term commitments.
Tenants at WareSpace properties include local tradespeople such as plumbers and electricians, as well as candle-makers and online resellers. WareSpace currently operates 20 locations nationwide, including three other sites in Dallas-Fort Worth and one in Houston.
The redevelopment of the Plano site highlights adaptive reuse options for large retail properties left empty by bankruptcies and closures of major chains like Forever 21 and Party City. While some of these properties are being converted into spaces for experiential businesses or fitness centers, transforming them into industrial use offers another solution.
In recent years, Dallas-Fort Worth has become one of the leading industrial markets in the United States, ranking third after Los Angeles and Chicago. Vacancy rates have decreased from 9.5 percent in the second quarter of 2024 to 9.1 percent a year later, according to Partners Real Estate.
Despite strong market fundamentals in Dallas-Fort Worth’s industrial sector, Cohen emphasized that population growth was a key factor behind WareSpace’s investment decisions. “For us, it’s not even about being an industrial hub. It’s more that there’s just a significant amount of people moving there,” he said. “We know there’s just a huge market for us there, just based on the population count and the trajectory of where the city’s going.”
