Search
 

Mountain West, Vantage Close 772,500-SF Deal

HOUSTON-Mountain West closes an off-market deal for Bayport North Distribution Center II after waiting one year for work to wrap up. A 129,375-sf lease gets the project moving.

By Connie Gore | Updated on July 08, 2008

HOUSTON-Drawing a close to a yearlong wait, Mountain West Industrial Properties and American National Insurance Co. have gained control of a 772,500-sf foothold just six miles from two terminals at the Port of Houston. The buyer has been holding a contract for the class A core and shell of Bayport North Distribution Center II since construction began.

The Greenwood Village, CO-based Mountain West acquired the two-building complex on 42 acres at 4035 Underwood Rd. from the Vantage Cos., which will continue to manage and lease it. The first lease was inked in the past month: 129,375 sf by St. George Trucking & Warehousing of Texas Inc., which signed a 10-year lease for the project’s 172,500-sf cross-dock warehouse.

Mountain West’s acquisitions director T.J. Tarbell says the team looked at land near the port to develop, but opted to court Vantage with an off-market deal to shave time for getting some space in the market. “We felt this was a great opportunity for us to get a significant amount of sf near the port and get product out in the market in mid-2008,” he says. “The timing fit really well with the demand side of the equation for the Port of Houston.” The complex is close to Bayport and Barbours Cut terminals.

Bayport North

Tarbell says Vantage principals Steve Jaggard, Jim Black and Stephen Dunn are courting several prospects for the 600,000-sf distribution center and 43,125-sf balance of St. George’s new operating address, which is being finished out right now. To sweeten deal-making, Tarbell says two 2,000-sf spec office suites are going to be completed as part of the marketing package for the 40,000-sf to 600,000-sf spaces. The quoted rate is 35 cents per sf, triple net.

“We think we’re hitting the market at the right time,” Tarbell says. “There is sufficient demand for us to have the balance of the space leased up in nine months.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.