HOUSTON – (Realty News Report) – The Avera Companies, a Houston-based commercial real estate development, construction, and investment firm, has partnered with AEW to develop Champions Park, an industrial project in Northwest Houston.
The 242,021-SF industrial building will be located on Antoine Road just north of Beltway 8. Completion is slated for the fourth quarter of 2022.
“We believe Champions Park will be a sought-after project, largely due to its highly desirable location and proximity to neighboring institutional quality tenants. There is nowhere else in the Northwest submarket for a tenant to go without compromising on access, site plan efficiency, or square footage,” said Trey Odom, CEO and President of The Avera Companies.
Kelley Parker, Vice Chairman of Cushman & Wakefield, said the industrial building is expected to be leased before construction is completed.
Leasing activity has been strong in the Houston industrial market. Construction has been strong and the market has been able to digest the new properties.
Last month, Avera, with AEW Capital Management said it planned to develop Kilgore Grand Parkway, a 522,135-SF industrial building in Baytown, east of Houston. Situated on 34 acres on the Grand Parkway frontage in the southeast submarket, the Kilgore project has good access to the Port of Houston and Interstate 10.
“Kilgore Grand Parkway represents a unique value in the current land environment, satisfying Houston’s strong need for larger buildings, while maintaining a prime location in the southeast market. As Houston pushes innovation and capacity, the building will appeal to national tenants entering Houston for the time as well as current tenants looking to expand,” said Odom.
Avera and AEW Capital also partnered on the development of Cedar Port Logistics, located on the Grand Parkway near FM 1405 and the shipping container terminals at the Port of Houston.
In June, it was announced that The Webstaurant Store, Inc. signed the long-term lease at Cedar Port Logistics for 643,940 SF.
In addition, Avera partnered with AEW Capital Management on the development and construction of Park 8, a 242,760 SF distribution center in northwest Houston.
About 15 million SF of industrial space is under construction in the Houston area, according to NAI Partners. Over 9 million SF was leased in the third quarter and the vacancy rate was 7.9 percent.
Dec, 7, 2021 Realty News Report Copyright 2021
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File: Avera Breaks Ground on Champions