Lineage Logistics has signed a full-building lease for Houston ColdPort, a newly constructed 315,111-square-foot chilly storage warehousing facility situated at 7500 Uvalde Highway, in Houston.
Lineage closed the lease as a part of a partnership with the constructing’s proprietor and developer, Boomerang Pursuits, and supervisor CenterSquare Funding Administration.
Development of Houston ColdPort was accomplished this yr and was financed via a $37 million mortgage, in line with CommercialEdge information. The power was designed and constructed by ARCO Design/Construct and encompasses a 50-foot clear peak, a 60-foot deep chilly storage dock house, 38 docking positions and a 200-foot deep truck court docket with 57 parking areas. The power’s placement, adjoining to Texas’ Freeway 8, inside 15 miles of downtown Houston, in addition to a number of interstate trucking routes, provides it fast transport, storage and success entry for the complete Houston metro.
Houston’s industrial heft
Houston stays a steady and promising marketplace for industrial leasing and building. Town struggles with an 8.6 % emptiness price, one of many highest within the nation amid quite a few hiccups, equivalent to an uneven restoration from the pandemic, a truck driver scarcity and provide chain challenges, in line with an August 2022 report from CommercialEdge. Nonetheless, the town enjoys 18.5 million sq. toes in its building pipeline, in addition to having seen $3 billion in gross sales year-to-date, the third-highest quantity within the nation, information from the identical report exhibits.
Moreover, the town’s internet absorption price of 14.3 million sq. toes over the primary half of the yr is the biggest the market has ever skilled, in line with a JLL report for the second quarter of the yr. General, all information factors towards a market in restoration, regardless of destabilizing headwinds.
Latest Houston-area industrial transactions embody Nuveen’s acquisition of The Pines Enterprise Park, a 281,481-square-foot industrial campus, in addition to Mirae Asset International Investments’ $190 million buy of a 2.3 million-square-foot mixed-use distribution middle within the close by city of Katy.
