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Caribe Ready to Expand North Houston Project

THE WOODLANDS, TX-The developer sells three warehouses and gets three more tenants for its turn-over strategy. Coming next is a 10,000-sf BTS and more spec space.

By Connie Gore | Updated on December 27, 2007

(Read more on the industrial market.)

THE WOODLANDS, TX-Caribe Properties, armed with options for more land, has sold its first three warehouses in an unnamed industrial development beside Woodlands Trade Center. To date, the local developer has stacked 75,000 sf in small warehouses on the land and plans to add a 10,000-sf build to suit and some extra spec space shortly after the New Year begins.

Caribe sold the 22,500-sf trio at 8812, 8820 and 8823 Fawn Trail to a Canadian investor. Comparable light-industrial product in the North Houston neighborhood is fetching $55 per sf to $65 per sf. The fully leased buildings were built in 2005 as spec space for a phased-in project that began with a 10-acre tract and options in a land bank. Caribe’s strategy is build, fill and sell.

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