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Houston Industrial Space
November 22, 2009 by HSACQ · 5 Comments
Houston Industrial Space & Houston Warehouse Space service listings guide, for lease, for sale, news, information, and discussion. Houston, Texas, U.S.A. Houston Site Acquisitions. Need Space ? We can help. Free Location Service Citywide.
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Last updated: November 12, 2009 04:05pm
Bayou Signs 49,000 SF in NW Submarket
By Amy Wolff Sorter
HOUSTON-The packaging distributor will relocate from its current location on the east side by early 2010 to the 374,160-square-foot Windfern Distribution Center through a five-year lease.
http://www.hsacq.com
Interesting Houston warehouse space-distribution center relocation from east Houston to Northwest Houston.
REAL ESTATE
Lawsuit aims to throw Titans quarterback for loss
By NANCY SARNOFF Copyright 2009 Houston Chronicle
http://www.chron.com/disp/story.mpl/business/sarnoff/6732450.html
Nov. 21, 2009, 12:26AM
Share Print Share Del.icio.usDiggTwitterYahoo! BuzzFacebookStumbleUponTennessee Titans quarterback Vince Young has been dragged into a legal scrimmage over an industrial property he’s been leasing in southwest Houston.
Houston-based Weingarten Realty Investors has filed suit against Young, alleging he defaulted on the lease in May and then abandoned the space the following month.
The Houston native continued to fail to pay rent and other amounts owed through the time the suit was filed in state district court on Nov. 13, according to the petition.
In Sept. 2007, Young signed a five-year lease for 5,049 square feet in the Beltway Southwest Business Center, an industrial development at 11777 South Sam Houston Parkway West.
Young was using the space for “office and warehouse for sporting goods memorabilia and management,” according to the lease.
The base rent started at $4,039 per month with increases after the 25th month and the 49th month, amounting to almost $240,000 in total.
Weingarten and its attorney, Laura Coe, with Chamberlain, Hrdlicka, White, Williams & Martin, would not comment. Young could not be reached.
Low-cost subleases
The largest office lease in the third quarter was King & Spalding’s renewal for 116,000 square feet downtown, but a smaller deal a short distance away said more about the shape of today’s market.
That’s because the tenant, Dynamic Offshore Resources, agreed to take two floors off another company’s hands.
The transaction “confirmed that tenants are beginning to take advantage of low-cost sublease opportunities,” commercial real estate firm Jones Lang LaSalle said in a third-quarter market report.
Sublease space grew to 4.4 million square feet during the quarter from 3.8 million square feet and is approaching the highest levels since the 1980s, according to CB Richard Ellis.
Through the first half of 2010, tenants should continue to find favorable deals that include rental discounts, free parking and reduced security deposits, Jones Lang LaSalle said.
Savvy tenants are scrutinizing the financial health of their landlords vs. the other way around.
Building owners may have debt coming due, and some lenders are pressuring them to lease their properties with stable, credit-worthy tenants.
Home value lawsuit
KB Home, Countrywide Financial and an appraisal subsidiary of Countrywide are being sued by a Texas homeowner who alleges the companies conspired to inflate home values.
According to the complaint, Countrywide funneled all of its KB customers’ home appraisals to a single person at Plano-based LandSafe Appraisal Services, who in turn would deliver an appraisal value at whatever KB and Countrywide ordered.
The lawsuit seeks class action status.
KB spokeswoman Cara Kane said the lawsuit is without merit and similar to union activist-initiated suits in other states.
“As a home builder that has been in business for more than 50 years, we proudly stand behind our homes and are prepared to assist our homeowners with any concerns they may have,” Kane said in an e-mail.
Los Angeles-based KB Home was the ninth-largest builder in the Houston area last year.
The company constructed 1,139 homes here. That was down 33 percent from 2007.
Shirley Norton, a spokeswoman for Bank of America, which owns Countrywide, also said that the lawsuit is without merit.
It was filed earlier this month U.S. District Court in Los Angeles.
The named plaintiff, Alice Stacy, bought a home in McKinney in 2006.
Several claims are listed against the defendants, including violations of the Racketeer Influenced and Corrupt Organizations Act, according to Hagens Berman Sobol Shapiro, the Seattle-based law firm representing the plaintiff.
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http://www.globest.com/news/1561_1561/houston/182733-1.html?st=rssSunoco Brings 150 Acres to Market
By Amy Wolff Sorter
PASADENA, TX-The company’s chemical division, which shut down its functionally obsolete factory, is putting it on the block.
Houston Site Acquisitions assists corporate clients in securing Houston industrial space for lease and for sale. For additional assistance with Houston industrial space or other Houston commercial real estate assignments please call us at 713-789-8700 or submit the easy to fill out form located on the right hand side of the website and our tenant representation team will contact you to further discuss your specific requirement. http://www.hsacq.com
December 26, 2009 at 2:15 pm (Edit)
http://blogs.chron.com/primeproperty/industrial_market/December 08, 2009
Commercial real estate on the mend?
There’s been much hand-wringing over the coming wave of commercial real estate defaults, but some believe the market is stabilizing faster than pundits expected.
The rate of decline in commercial real values is slowing across the country and through all property sectors, according to a fourth-quarter report from Integra Realty Resources.
The report was based on a survey of 59 of Integra’s managing directors throughout the United States to determine the rate of change across the country and in all property types, including multifamily, lodging, industrial, retail and office.
To be sure, the value of commercial real estate is expected to decline further. Integra estimates 5 percent nationally over the next six months.
That rate, however, is well below the 11 to 17 percent depreciation across asset classes in 2009.
New York-based Integra, an independent commercial real estate valuation and consulting firm, said lodging and retail sectors saw the biggest value declines in the current market downturn, with the western part of the country hit the hardest.
The office, industrial, and multifamily sectors have only experienced a 3 percent drop in value in the past three months, with the lodging and retail sectors experiencing a 5 percent drop, according to the study.
This graph shows the stabilization in commercial real estate valuation for the past 18 months in the office, retail, industrial, multifamily and lodging sectors.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including , Houston Industrial Space, Houston Warehouse Space, and industrial investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com
149,000-SF Spec Groundbreaking Imminent
Globestst.com :March 2, 2010
http://www.globest.com/news/1610_1610/houston/183796-1.html?st=rss
HOUSTON-In what could be a rare sighting this year, the construction crane will hover over Carson Cos.’ next speculative building, Portwall Distribution Center IV. The Newport Beach, CA developer will launch construction on its 148,793-square-foot center next week.
Upon its completion by October of this year, Portwall IV at 531 Portwall St. will join Carson Cos.’ Portwall Distribution Centers I, II and III, which are nearby. Carson Cos. acquired Portwall I in October 2006, and broke ground on Portwall II and III in early 2008.
“Portwall II and III were finished about a year ago, and that project is 100% leased,” explains Daniel Zoch, Texas’ managing director for Carson Cos. He tells GlobeSt.com that a very tight market for distribution space in the near east submarket prompted Carson Cos. to build on a speculative basis. “We believe in this submarket, and think the building will be successful,” he adds. Research reports put industrial vacancies in this submarket at between 3% and 3.4%. The area-wide vacancy is just under 8%.
Another reason for the likely success of Portwall IV, Zoch explains, is the lack of modern distribution buildings inside the Interstate 610 loop. “There’s some third-generation space available, but no first-generation,” he remarks. “Many tenants today need ESFR, but the nearest available ESFR buildings are in the southeast market, about 17 miles away.”
Carson Cos. is developing the project on an all-cash basis; Zoch acknowledges obtaining a construction loan for a speculative distribution center right now would have been difficult. Rosenberger Construction is the general contractor, while Powers Brown Architecture is the designer.
Once Portwall IV is built and online, that’ll finish Carson Cos.’ Portwall Center project. The company will continue the distribution centers, Zoch says.
In the meantime, Carson Cos. is in the market for more acquisitions. “We’re looking for land to hold for future development, as well as existing facilities,” Zoch comments. “We’ll build or buy, whichever’s cheaper.”
HSACQ:
This artilce discusses the construction of a speculative148,793-square-foot distribution center building located in Portwall Distribution Center in Houston, Texas.
Houston Site Acquisitions specializes in Houston Commercial Real Estate including , Houston Industrial Space, Houston Warehouse Space, and industrial investment property. For commercial real estate assistance please contact us at 713-789-8700 or fill out the easy to fill out form located at the top right hand corner of this page. http://www.hsacq.com