BAYTOWN, Texas – (Realty News Report) – The Avera Companies, a Houston-based commercial real estate firm, has joined with AEW Capital Management to develop Kilgore Grand Parkway, a proposed 522,135-square-foot industrial building in Baytown, located east of Houston.
“Kilgore Grand Parkway provides distinctive value in today’s land market, meeting Houston’s strong demand for larger facilities while remaining in a premier southeast location. As Houston expands capacity and embraces innovation, the building will attract national tenants entering the Houston market for the first time as well as local tenants seeking to expand,” said Trey Odom, President and CEO of The Avera Companies.
Located on 34 acres with frontage on the Grand Parkway in the southeast submarket, the site offers convenient access to the Port of Houston and Interstate 10.
The development, scheduled for completion in the fourth quarter of 2022, will feature 40-foot clear height warehouse space.
“There is strong demand for 40-foot clear product, and that specification is ideally suited to the current market,” said Kelley Parker, Vice Chairman of Cushman & Wakefield.
Avera and AEW Capital previously partnered on Cedar Port Logistics, another development on the Grand Parkway near FM 1405 and the Port of Houston’s container terminals.
In June, The Webstaurant Store, Inc. signed a long-term lease for 643,940 square feet at Cedar Port Logistics.
Avera also worked with AEW Capital Management on Park 8, a 242,760-square-foot distribution center in northwest Houston.
According to NAI Partners, about 15 million square feet of industrial space is currently under construction in the Houston area. In the third quarter, more than 9 million square feet was leased and the overall vacancy rate stood at 7.9 percent.
Nov. 15, 2021 Realty News Report Copyright 2021
Photo: Courtesy Avera
Title: New Industrial Project Underway