Avera Companies Executes Lease at Park 8, Market briefs

In Houston, The Avera Companies, a Houston-based commercial real estate development, construction, and investment firm, has reported the execution of a significant lease by Hercules Inc. at its Park 8 distribution center in northwest Houston.

Hercules, which manufactures and supplies poly products to retailers, distributors, and health service providers leased 111,062 SF in Park 8. The remaining 131,698 SF of the building is currently leased to Hellman Worldwide Logistics.

The transaction comes as the Houston industrial market is red hot with new construction and leasing.

Avera partnered with AEW Capital Management on the development and construction of Park 8, a 242,760 SF distribution center in northwest Houston.

Trey Odom

“We are thrilled to have Hercules at Park 8. Our location at the southwest corner of Beltway 8 and I-45 North is incredibly strategic, it provides Hercules with access to both highways, as well as close proximity to the Northwest submarket and Bush Intercontinental Airport,” said Trey Odom, President and Chief Executive Officer of The Avera Companies.

Hercules Inc. was represented by Jim Autenreith and J. W. “Jay” Wall III of Moody Rambin, while Jason Dillee and Nathan Wynne of CBRE represented Park 8.

In Avera Construction completed Park 8 in April 2020. Park 8 is a cross, dock distribution center featuring a 32’ clear height, dock-high loading and 130’ truck courts.

Avera and AEW Capital also partnered on the development of Cedar Port Logistics, located on the Grand Parkway near FM 1405 and the shipping container terminals at the Port of Houston.

In June, it was reported that The Webstaurant Store, Inc. signed the long-term lease at Cedar Port Logistics for 643,940 SF.

About 15 million SF of industrial space is under construction in the Houston area, as stated by NAI Partners. Over 9 million SF was leased in the third quarter and the vacancy rate was 7.9 percent.