BAYTOWN, Texas – (Realty News Report) – The Avera Companies, a Houston-based commercial real estate firm, has partnered with AEW Capital Management to develop Kilgore Grand Parkway, a proposed 522,135-SF industrial building in Baytown, east of Houston.
“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 first time as well as current tenants looking to expand,” said Trey Odom, President and CEO of The Avera Companies.
Situated on 34 acres on the Grand Parkway frontage in the southeast submarket, the project has good access to the Port of Houston and Interstate 10.
The project, slated for completion in the fourth quarter of 2022, will offer 40’ clear-height storage.
“There is strong demand for 40’ clear product, and this size is perfect for the marketplace,” said Kelley Parker, Vice Chairman of Cushman & Wakefield.
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.
Nov. 15, 2021 Realty News Report Copyright 2021
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Photo: Courtesy Avera
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