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Logistics Firms Take Down 149,722 SF of Industrial Space

HOUSTON-Two five-year leases push occupancy to 72% in University Business Park. Global Group Logistics will open its first local warehouse in a 100,772-sf building while Velocity Express will relocate its delivery group into 48,950 sf.

By Jennifer D. Duell | Updated on July 03, 2005

HOUSTON-Two logistics-related firms have signed five-year pacts, totaling 149,722 sf, in University Business Park. The two industrial deals bring the 15-building, 578,000-sf park to 72% occupancy.

“We took over the leasing in January and at that time the park was just 44% occupied,” says H. Frank Stanley, an associate director in Houston for Cushman & Wakefield of Texas Inc. Dallas-based Global Group Logistics took the entire 100,772-sf Building 8, emptied two years ago by the US Postal Service. Velocity Express took down 48,950 sf in Building 14 in the business park at 5000 Gulf Freeway.

Global Group Logistics, marking its entry into the local market, plans to immediately occupy 65,000 sf and take over the warehouse’s balance in the second year of the lease. “This is a pretty good sized deal–the largest space left in the park,” Stanley tells GlobeSt.com, adding the pact included three months of free rent.

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