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Molto Properties has signed a 142,100-square-foot long-term lease at Barker Cypress Distribution Heart, in Cypress, Texas, throughout the West Houston submarket. Constructing supplies provider 84 Lumber will absolutely occupy the Class A facility.
Colliers’ Govt Vice President & Principal Wes Williams and Boyd Industrial’s Managing Principal Conrad Bernard negotiated on behalf of the owner. The identical group additionally helped the proprietor when it acquired the land web site.
Molto Properties financed the asset’s growth with a $7.3 million building mortgage from Related Financial institution, due 2025, CommercialEdge knowledge exhibits.
In-built 2022, Barker Cypress Distribution Heart is at 12020 Barker Cypress Street and options 32-foot clear heights, a 3,574-square-foot workplace part, two drive-in doorways, 11 dock levelers, 124 automobile parking spots and 25 trailer parking spots. The entrance load industrial facility additionally contains ample column spacing, 32 dock-high doorways and 60-foot velocity bays.
The 12-acre property offers easy accessibility 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 price in early 2024
As of January, Houston’s common in-place rents have been at $6.58 per sq. foot, up 4.4 % year-over-year. This was costlier than Dallas ($5.83 per sq. foot) and Atlanta ($5.60 per sq. foot), in line with a current CommercialEdge report. The emptiness price in Houston settled at 5.9 %, 110 foundation factors greater 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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