HOUSTON – (Realty News Report) – The Avera Companies, a Houston-based commercial real estate development, construction, and investment firm, has partnered with AEW to develop Champions Park, a new industrial project in Northwest Houston.
The facility will consist of a 242,021-square-foot industrial building located on Antoine Road just north of Beltway 8. Construction is underway, with completion expected in the fourth quarter of 2022.
“We believe Champions Park will be a sought-after development, largely because of its prime location and proximity to institutional-quality neighbors. In the Northwest submarket there are few opportunities that offer this combination of access, efficient site planning, and large footprint without compromise,” said Trey Odom, CEO and President of The Avera Companies.
Kelley Parker, Vice Chairman of Cushman & Wakefield, noted that interest in the property has been strong and the building is expected to be leased before construction finishes.
Leasing activity in the Houston industrial market has remained robust. New construction continues at a healthy pace, and the market has absorbed much of the recent supply.
Last month, Avera and AEW Capital Management announced plans for Kilgore Grand Parkway, a 522,135-square-foot industrial building in Baytown, east of Houston. The Kilgore project sits on 34 acres along the Grand Parkway in the southeast submarket and offers favorable access to the Port of Houston and Interstate 10.
“Kilgore Grand Parkway represents a unique opportunity in the current land environment, meeting Houston’s demand for larger buildings while maintaining a prime southeast location. The building will attract national tenants entering the Houston market as well as existing tenants seeking expansion,” Odom said.
Avera and AEW Capital also collaborated on Cedar Port Logistics, a development located on the Grand Parkway near FM 1405 and close to the shipping container terminals at the Port of Houston.
In June, The Webstaurant Store, Inc. signed a long-term lease at Cedar Port Logistics for 643,940 square feet.
Additionally, Avera and AEW Capital Management teamed on the development and construction of Park 8, a 242,760-square-foot distribution center in northwest Houston.
According to NAI Partners, roughly 15 million square feet of industrial space is currently under construction across the Houston area. In the third quarter, more than 9 million square feet were leased, and the overall industrial vacancy rate was 7.9 percent.
Dec. 7, 2021 Realty News Report. Copyright 2021.
For more on Texas real estate, consider the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
Houston 2020 Ebook version
File: Avera Breaks Ground on Champions