Update: This property is no longer on the market. HFF announced the closing of this sale on December 20, 2017.
Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Bayport North Distribution Center II, two Class A industrial warehouse buildings totaling 772,500 square feet and located near the Port of Houston. The industrial property for sale is currently 100 percent leased to three tenants, encompassing a blend of national and regional logistics businesses driven by both consumer product demand and the petrochemical industry. The property is in one of Houston’s strongest submarkets, with vacancy rates less than five percent for 11 consecutive quarters and rental rates up 25 percent during this time.
Both buildings were completed in 2008 and are situated on a total of 41.71 acres at 4331 and 4035 Underwood Road. The 600,000-square-foot Building 1 is fully leased to two tenants with a weighted average remaining lease term of 4.6 years. With a one percent office finish, the warehouse features a 30-foot clear height, 106 dock-high doors with four drive-up ramps, 120 parking spaces and a 190-foot truck court. Building 2 is 172,000 square feet, 4.2 percent of which is office space, and is home to one tenant with 5.7 years weighted average remaining lease term. The building features a 24-foot clear height, 51 dock-high doors with four drive-up ramps, 150 spaces for trailer parking, 138 auto parking spaces and a truck court ranging from 130 to 160 feet.
For more information on Bayport North Distribution Center II or any other industrial properties for sale, please contact Trent Agnew or Rusty Tamlyn in HFF’s Houston office. For information on financing the acquisition of this property, please contact Colby Mueck. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.