The city team has started retooling the space at 18600 Lee Rd., now divvied into 38,000 sf of office area and the balance in warehouse. John Talhelm, a senior director, and Kevin Erck, both brokers in the Houston office for Cushman & Wakefield of Texas Inc., represented the seller and were the sole brokers in the transaction. The asking price was $5.2 million.
According to Talhelm, the building's trade was the last piece of a three-year project between C&W and Panalpina. The firm has relocated to a 410,000-sf, build-to-suit at 19409 Kenswick Rd. in the Houston Intercontinental Trade Center. Talhelm tells GlobeSt.com that the new facility, with 60,000 sf of office space, was designed with expansion in mind. There is room to add about 100,000 sf of warehouse space and 25,000 sf to the office component.
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