HOUSTON – (Realty News Report) – The Avera Companies, a Houston-based firm specializing in commercial real estate development, construction, and investment, has completed a major lease agreement with Hercules Inc. for space at Park 8, its distribution center in northwest Houston.
Hercules, a manufacturer and supplier of polymer products to retailers, distributors and health service providers, has leased 111,062 square feet at Park 8. The remainder of the 242,760-square-foot building—131,698 square feet—is already occupied by Hellman Worldwide Logistics.
The deal comes amid a red-hot industrial market in Houston, where new construction and leasing activity remain strong.
Avera partnered with AEW Capital Management to develop and construct Park 8, a cross-dock distribution facility located at the southwest corner of Beltway 8 and I-45 North. The property offers a 32-foot clear height, dock-high loading and 130-foot truck courts, features that support efficient logistics and distribution operations.
“We are pleased to welcome Hercules to Park 8,” said Trey Odom, President and Chief Executive Officer of The Avera Companies. “Our location at the southwest corner of Beltway 8 and I-45 North is highly strategic, providing convenient access to both highways as well as close proximity to the Northwest submarket and Bush Intercontinental Airport.”
Hercules Inc. was represented in the transaction by Jim Autenreith and J. W. “Jay” Wall III of Moody Rambin. Avera and the Park 8 property were represented by Jason Dillee and Nathan Wynne of CBRE.
Avera Construction completed Park 8 in April 2020. The building’s cross-dock design and generous truck court accommodate high-turnaround freight operations and support tenants with significant distribution needs.
In addition to Park 8, Avera and AEW Capital partnered on Cedar Port Logistics, a large logistics development near the Grand Parkway and FM 1405, positioned to serve 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, further underscoring strong demand for modern industrial space in the Houston region.
Industry data from NAI Partners indicates roughly 15 million square feet of industrial space is currently under construction across the Houston area. During the third quarter, more than 9 million square feet was leased and the overall vacancy rate stood at 7.9 percent, reflecting healthy absorption and continued tenant demand.
Nov. 7, 2021 Realty News Report Copyright 2021
For additional perspective on Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins. Available in print and ebook editions.
Photo: Courtesy Avera
File: Avera Companies Executes Lease at Park 8
File (2) AEW Capital. Avera Companies Executes Lease at Park 8 with Hercules Inc., Webstaurant Store. Jason Dillee. Nathan Wynne. CBRE