HOUSTON – (Realty News Report) – Colliers International handled the acquisition of 6.2 acres of land including industrial warehouses totaling 41,076 square feet at 202 and 204 South Live Oak in Houston.
The seller, South Live Oak Associates, L.P., was represented by Natalie Hurley of Register Real Estate Advisors Commercial. Tom Condon, Jr., senior vice president of Colliers International in The Woodlands, represented the buyer, Tomball Economic Development Corporation, in the transaction. Closing was coordinated by Jane Mathews with Stewart Title – Tomball.
Tomball Economic Development Corporation plans to hold for investment purposes the two existing warehouses and create a mixed-use vision for the vacant land. One warehouse is currently leased and the other bulding is vacant and will be offered for lease in the near future.
The North Freeway/Tomball Parkway submarket, located between Highway 249 and I-45 North, encompasses 30 million square feet of industrial and flex space. The submarket, which is 86.2 percent occupied, is the second largest of the four submarkets located in Houston’s North industrial corridor. Annual absorption has increased by 35.7% and there are close to 1 million square feet under construction in the North Freeway/Tomball Parkway submarket.