CBRE's analysis found rent spreads of 26% in Houston and Dallas/Fort Worth, confirming the current market for industrial and logistics real estate has growth remaining.
“Our joint venture viewed this as an opportunity to acquire a vacant high-quality asset in 185 Tabor Road at an attractive basis well below replacement cost,” says Ryan Dodge, vice president with PCCP.
The new owners plan to spend approximately $3.2 million on a repositioning strategy, including renovation of common areas, amenities, and unit interiors.
In a GlobeSt.com interview, CBRE's director of research & analysis, Nicole LaRusso, talks about the 600% increase in flexible office space leased in Manhattan since 2009.