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Molto Properties has signed a 142,100-square-foot long-term lease at Barker Cypress Distribution Middle, in Cypress, Texas, inside the West Houston submarket. Constructing supplies provider 84 Lumber will totally occupy the Class A facility.
Colliers’ Government Vice President & Principal Wes Williams and Boyd Industrial’s Managing Principal Conrad Bernard negotiated on behalf of the owner. The identical workforce additionally helped the proprietor when it acquired the land web site.
Molto Properties financed the asset’s growth with a $7.3 million development mortgage from Related Financial institution, due 2025, CommercialEdge information reveals.
Inbuilt 2022, Barker Cypress Distribution Middle is at 12020 Barker Cypress Highway and options 32-foot clear heights, a 3,574-square-foot workplace element, two drive-in doorways, 11 dock levelers, 124 automobile parking spots and 25 trailer parking spots. The entrance load industrial facility additionally consists of ample column spacing, 32 dock-high doorways and 60-foot velocity bays.
The 12-acre property supplies quick access to Interstate 10 and U.S. Freeway 249, whereas being 27 miles from George Bush Intercontinental Airport, 30 miles downtown Houston and inside 33 miles of Port of Houston.
Houston’s emptiness fee in early 2024
As of January, Houston’s common in-place rents had been at $6.58 per sq. foot, up 4.4 p.c year-over-year. This was costlier than Dallas ($5.83 per sq. foot) and Atlanta ($5.60 per sq. foot), in accordance with a latest CommercialEdge report. The emptiness fee in Houston settled at 5.9 p.c, 110 foundation factors larger than the nationwide determine.
In early December 2023, Stream Realty Companions has been appointed as unique leasing agent for North Park 34, an 865,000-square-foot industrial campus in Houston. Arden Group subsidiary Arden Logistics Parks owns the asset and upgraded it after its buy in late 2021.
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