The 250,000-sf warehouse is five years old and sits on 14.3 acres in an area that is heavily populated with industrial buildings. The tenant's broker, Doug Nicholson with the Houston office of Grubb & Ellis Co., tells GlobeSt.com that an option for the balance of the building sparked the decision to sign a medium-term lease. Bill Rudolf and Gray Gilbert, both with CB Richard Ellis Inc. in Houston, represented the building owner, Packwell Inc.
Located near Interstate 10 and McCarty Street, the building's quoted rate is in the "high 20 cents per sf range." Cadeco relocated from a smaller space in the same submarket.
The northeast submarket contains a 20.5-million-sf industrial inventory. According to Grubb & Ellis, vacancy is slightly more than 9% and rent averages 23 cents per sf.
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