HOUSTON – (Realty News Report) – A Houston development firm calledi3 has broken ground on a cold storage facility in Pasadena, Colliers reported.
Houston Meat Distributors is First Occupier
Houston Meat Distributors has preleased 62 percent of the first phase building. Colliers said 42,000 SF remains available in Building 1.
A second free standing cold storage building totaling 52,000 SF is slated to break ground Q3 2021.
Interest in cold storage assets expanded rapidly during the pandemic. Cold storage space has been in tight supply as online food sales, particularly for perishables and refrigerated and frozen foods, expanded rapidly.
Located at 1050 Red Bluff Road in Pasadena, 3° Red Bluff, the new cold storage facility will be built a quarter mile north of the Red Bluff/Highway 225 intersection, just east of 610 Loop.
Even Insulated Floors (to accommodate freezers)
The 12-acre, Class A cold storage business park will feature two cold/frozen storage buildings totaling 148,900 SF. With insulated metal panel skin, 36 foot clear heights, and insulated floors throughout to accommodate freezer temperatures, the buildings can be customized to fit a variety of cold storage needs from bulk distribution to food processing. i3 will deliver 3° Red Bluff in late Q3 2021.
“The project is well positioned from a location and design perspective to meet the demand for freezer/cooler space in the Houston market. The changing landscape in which consumers shop for groceries, food, and beverages, as well as a recent lack of new cold storage supply, have combined to generate significant demand for new and efficient cold storage space designed to meet the challenges grocers, retailers, and suppliers currently face. 3° Red Bluff is perfectly suited to address those challenges and is a strategic addition to the 3° Cold Storage portfolio,” said John Joubert, Executive Vice President of i3.
$2 Billion Resume
The leasing team includes Zachary Taylor, John Nicholson and Trey Horne of Colliers. This team has 30 years of combined experience and has closed transactions totaling more than $2 billion during their careers.
“We are incredibly pleased with the amount of interest this project has received from the beginning,” said Senior Vice President, Zachary Taylor of Colliers. “Houston has an extremely limited inventory of cold storage product and 3° Red Bluff is uniquely positioned to capitalize on both last mile delivery and cold/frozen product moving through the Port of Houston.”
The property is situated in Houston’s East-Southeast Far industrial submarket, Houston’s second largest submarket containing 81.8 million square feet of industrial space. The submarket is currently 90% occupied and absorbed 1.1 million square feet in the first quarter of 2021.
Houston real estate veteran Rene Joubert started i3 in 2014. Prior to forming i3, Rene was focused on both multifamily and commercial real estate and was involved in the development of over 2.5 million SF of retail, office and professional properties totaling in excess of $750 million and approximately 2,200 multifamily units in excess of $200 million. i3 has active projects in Texas, Florida, and Louisiana with offices in Houston and Miami.
June 25, 2021 Realty News Report Copyright 2021
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Image Courtesy Colliers
file: Frozen Foods and Perishables