GE Oil & Gas occupies a northwest Houston industrial building.
HOUSTON – (Realty News Report) – GBP Properties, a real estate investment firm based in Monterrey, Mexico, acquired a 30,000 SF industrial building occupied by GE Oil & Gas.
The property at 11150 Equity Drive is located in Westway Park just off of Beltway 8 north of Clay Road in northwest Houston. GE Oil & Gas has occupied the space for 5 years.
CBRE’s Tom Lynch and Mark Redlingshafer represented the Houston-based seller, Investment & Development Ventures, LLC.
“This investment property generated a significant amount of interest from local, regional and national private buyers due to its irreplaceable location with easy access to Beltway 8 and a tenant with strong credit” said CBRE Executive Vice President Tom Lynch.
According to CBRE research, there is a strong demand for industrial space in the northwest and southeast Houston submarkets, more than half of the absorption for the first quarter of 2018 came from those two submarkets. In addition, vacancy rates in the Houston industrial market are the lowest they have been in over a year at 5.2 percent.
“There is an abundance of capital available for investors seeking to acquire well located assets with solid tenants, and we expect the strong appetite for Houston industrial product to continue”, said CBRE broker Mark Redlingshafer.
