Park Distribution signs a 5-year
lease for 206,000 SF at Port
Commerce Crossing Center.
LA PORTE, TX-Overland Distribution, which has been situated in approximately 100,000 square feet at the Port Commerce Crossing Center for several years, doubled its space at the facility, inking a deal for 206,368 square feet. The transaction keeps the logistics company in its current digs until 2017, and effectively fills the 412,000-square-foot industrial building.
“They came to us about a month and a half ago saying they had a temporary need for more space on a short-term basis,” explains Peter B. Harmon, executive vice president with landlord ML Realty Partners in Chicago. After negotiations involving Colliers International’s Gary Mabray and Mike Taetz (who represented the landlord) and Greg Egan of Leasesquarefeet.com (the tenant representative) developer and tenant decided on a more permanent solution for the facility at 1701 S. 16th St. “We got this deal done in 15 days,” Harmon tells GlobeSt.com. “The quality of Overland Distribution made this an easy decision for us.”
The facility officially came online in 2008, and Overland Park joined the tenant roster in 2010. The remaining space is leased to Ferguson Enterprises Inc., which signed a four-year lease with ML Realty and its Port Commerce Crossing partner National Property Holdings LP in fall, 2011.
National Property Holdings and ML Realty finished acquiring close to 300 acres in 2006 and began construction on Port Commerce Crossing, which serves the Port of Houston, later that year. The acreage could eventually support 3.3 million square feet. Approximately 1.2 million square feet of industrial space has been built so far.
A 261,630-square-foot, rail-served speculative building is currently under construction and is set to deliver in February, 2013. Harmon says no tenants have signed for the new space yet, though activity and interest is strong. “We’re looking at options to bring out another building or two during 2013,” he notes. “We’re performing due diligence right now on proposed projects. Harmon goes on to say that the completion of SH 146 has successfully connected the Bayport and Barbours Cut Terminals, making interest in the area from potential tenants that much stronger. “We’ve been the beneficiary of a lot of work done by the state (of Texas) and the Port of Houston,” Harmon observes.