HOUSTON-Chicago-based Transwestern Commercial Services' Houston office has secured a 653,533-sf, eight-building leasing pact in the city's south central submarket.
The newest assignment is for the 241,807-sf Main Park Service Center and 411,726-sf Main Park Distribution Center, situated near the intersection of Willowbend and US 90A. Heitman Capital of Chicago is the asset manager for the property, owned by the Endowment and Foundation Realty Ltd. Kennedy-Wilson's Houston office had been in charge of leasing, says Darryl Noon, Transwestern vice president of industrial services, who is leasing the project. Transwestern's Sheri Brown is the complex's property manager.
Noon tells GlobeSt.com that there are some deals working, but no new leases have been signed as yet. The service center is 87% leased and the distribution center, 97% occupied. The distribution center holds the distinction of exceeding the submarket's occupancy rate of 92% to 93%, he points out. The task for the distribution component will be to find a tenant for its lone 9,680-sf spot, which has been vacant for four months. Noon anticipates it might take six months to finalize deals for the service center.
Noon says the service center's lead tenant is Tire Dealers Warehouse, which occupies 49,500 sf while Iron Mountain, a document storage company, holds the lead spot for the distribution component, occupying 106,000 sf.
Houston, a recognized leader nationally in the industrial market, has some 66 million sf in its southern corridor. The Main Park Service Center and Distribution Center is commanding rates of $3.84 per sf to $6 per sf on a gross annual basis. The complex had been built about 20 years ago by the Vantage Cos.
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