Situated on 9.5 acres near the international freight forwarding terminal on the east side of Houston's George Bush Intercontinental Airport, the building is fully occupied by Forward Air, which signed a long-term lease for the space. It boasts a 24' clear height with the ability for both dock high and grade level loading.
The building was acquired in an off-market transaction, according to Adam Jackson, a senior associate with Stream Realty Partners L.P. who represented AMB Property Corp., along with Kyle Valentine and Justin Robinson. Dan Zoch of The Carson Cos. represented the Newport Beach, Calif.-based buyer.
Jackson tells GlobeSt. that AMB Property Corp. initially had no plans to sell the Forward Air facility. However, the pricing The Carson Cos. offered was very attractive. He notes that the cost of construction for similar buildings would be $65 to $80 per square foot.
Zoch tells GlobeSt. that his firm was an all-cash buyer, investing the proceeds from a sale of a 35-year-old industrial facility in Southern California. This deal represents The Carson Cos.' first acquisition in more than 18 months.
"The building fit our investment program to a T," Zoch says. "It's a quality building on the front doorstep to the new air cargo terminal, and it's leased to a great tenant."
Zoch says the firm plans to expand its footprint in Houston both through acquisitions and development. Currently, it is more active in Houston than Southern California, despite the fact that 80 percent of its 10-million-square-foot portfolio is located in the Golden State.
In addition to the Forward Air facility, The Carson Cos. has a 149,000-square-foot speculative industrial building under construction at 531 Portwall Dr. in Houston.
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