R&R Realty Group is preparing to break ground on a 142,000-square-foot warehouse at its Interstate Acres complex near Interstate 35/80 in Urbandale.

The $5 million structure joins a small list of speculative warehouse buildings that have been constructed over the last year in Greater Des Moines.

R&R President Paul Rupprecht said the building is the "marquee" piece of the Interstate Acres project.

"It is well located, whether it's for a warehouse or whether it's for a showroom," Rupprecht said.

The structure is being built on the last available site in the development.

According to CBRE/Hubbell Commercial's 2012 Real Estate Market Survey, 90 percent of Greater Des Moines warehouse space is occupied.

Rupprecht said nearly all of the available existing space at Interstate Acres is occupied. Lease rates for the new building will run about $4.50 a square foot, he said.