Tyndall Yaap with Grubb & Ellis Co.' Houston office tells GlobeSt.com that the firm signed a medium-term lease for the industrial space. Reel In specializes in spooling cable for clients such as Houston's Oceaneering International Inc. The firm added four 25-ton cranes to the property, he says.
Reel In previously leased a facility in Magnolia, a northern suburb of Houston, says Yaap. The company seriously considered purchasing a facility, but then settled on leasing in Northwoods Industrial Park due to its proximity to customers and immediate availability. The park contains more than one million sf, with a quoted rate of 38 cents per sf.
Yaap and Thad Hickman, also in the Houston office, represented the tenant in the lease negotiations. The building owner, Texas Development, used in-house representation to structure the deal.
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