SDV International Logistics sold its existing building at 17401 Aldine Westfield Rd. to locally-based WELL Worldwide Energy Logistics Inc., another freight forwarding firm, according to Kyle Valentine, co-managing partner – Houston for Stream Realty Partners, L.P. He and Justin Robinson represented AMB Property Corp., while Caleb Lawson of The Lawson Group represented SDV International Logistics.
SDV International Logistics' new Houston facility was formerly occupied by Agility Inc., another air freight forwarding company that expanded roughly 12 months ago into a build-to-suit facility that was developed by AMB Property Corp.
"On a global basis, the air freight forwarding industry has struggled during this recession, but the companies in Houston have been able to weather that storm pretty well, primarily because the energy sector has been pretty resilient," Valentine says. "The expansion and movement of these companies reflects that fact."
Valentine tells GlobeSt. that the Vickery Drive building received significant interest because there is a not a lot of property available for acquisition in the submarket. Moreover, the facility boasts 15,000 square feet of office space and sits on five acres, which is unique for a building of its size. "A lot of oil and gas product is oversized and doesn't fit in buildings, so yards are pretty valuable," he points out.
Although both the buyer and seller chose not to disclose the sale price, Valentine says that these specialized buildings trade for $70 per square foot to $100 per square foot.
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