HUMBLE, Texas – (Realty News Report) – Quasar Logistics IAH, Ltd. Acquired 71.8-acres in Humble for a new industrial development.
NAI Partners’ Clay Pritchett represented the buyer. NAI Partners’ John Ferruzzo, Nick Peterson, and Ryan Searle represented the seller, Platinum Ridge LP.
The new owner expects to “capture rising demand within the logistics and distribution sectors of the north Houston industrial market,” NAI said in a press release.
The property was previously marketed as the proposed “International Logistics Park.” That site plan called for four distribution buildings totaling 900,000 SF.
The site is just north of Beltway 8 on the Eastex Freeway, south of Greens Road.
“Industrial land prices continue to rise dramatically as large institutional industrial developers compete for prime sites—especially in areas just inside and outside the entire Beltway 8 corridor,” reported NAI’s Chris Caudill.
Industrial construction is at a record high, as e-commerce is pushing up demand for distribution buildings. NAI reported 9 million SF has been delivered so far this year and the second quarter vacancy rate rose to 6.3 percent.
July 25, 2019 Realty News Report Copyright 2019
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