HUMBLE, Texas – Quasar Logistics IAH, Ltd. has acquired 71.8 acres in Humble for a new industrial development.
Clay Pritchett of NAI Partners represented the buyer. John Ferruzzo, Nick Peterson, and Ryan Searle of NAI Partners represented the seller, Platinum Ridge LP.
According to NAI Partners, the new owner intends to meet growing demand in the logistics and distribution sectors of the north Houston industrial market.
The property was previously marketed as the proposed “International Logistics Park,” featuring a site plan that called for four distribution buildings totaling approximately 900,000 square feet.
Located just north of Beltway 8 on the Eastex Freeway and south of Greens Road, the site offers strategic access to Houston’s major transportation corridors.
“Industrial land prices continue to rise dramatically as large institutional industrial developers compete for prime sites—especially in areas just inside and outside the Beltway 8 corridor,” said Chris Caudill of NAI.
Industrial construction is at record levels as e-commerce drives demand for distribution facilities. NAI reports roughly 9 million square feet have been delivered so far this year, while the second-quarter vacancy rate increased to 6.3 percent.
July 25, 2019 Realty News Report. Copyright 2019.
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