South Belt Central Business Park. Image courtesy of Cushman & Wakefield
Investment & Development Ventures has signed a 603,389-square-foot lease at its South Belt Central Business Park, a 3.5 million-square-foot industrial park in Houston.
Cushman & Wakefield represented both the landlord and the tenant, a company providing third party logistics services.
The new tenant will fully occupy the industrial development’s Building 4, a cross-dock project expected to be completed in January 2023. The property will offer 36-foot clear heights, ESFR sprinklers, 360 parking spots, more than 196 parking spots for trailers and 4,500 square feet of office space.
Located at 4902 S. Belt Central Drive, Building 4 is part of the project’s Phase II, consisting of two additional buildings that are expected to be delivered in February 2023. South Belt Central Business Park’s Phase I, completed and fully occupied, was financed through a $60 million loan originated by a private lender, CommercialEdge data shows. Situated across Beltway 8, the industrial park is 19 miles from downtown Houston, 22 miles from the Bayport Container Terminal in Seabrook, Texas, and within 40 miles of George Bush Intercontinental Airport.
Houston’s expanding industrial market
Cushman & Wakefield’s team led by Vice Chairman Jim Foreman and Brooke Forest negotiated on behalf of IDV, while the company’s Executive Managing Director Stephen Schneidau and Senior Director Chuck Berger worked on behalf of the tenant.
According to recent CommercialEdge data, Houston closed October with a 7.6 percent industrial vacancy rate, one of the highest among major markets. Due to a strong demand however, the market is set for a significant expansion, with 25 million square feet of industrial space under construction, representing 4.5 percent of its existing stock.
In October, Lovett Industrial started construction on 610 Business District, a master-planned business park in Houston that is expected to include a total of 1 million square feet of industrial space. A month earlier, Lineage Logistics signed a full-building lease at Boomerang Interests’ newly constructed Houston ColdPort facility.
