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HOUSTON-A local limited partnership has acquired 9.44 acres on the southeast side of town to develop up to seven spec and build-to-suit warehouses. The first project will break ground within three months.

The acquired property is located in the 300-acre Seaco Business Park, an older industrial development at the intersection of Beltway 8 and US Highway 225. The seller, Seaco Texas Properties Inc. of Houston, had the property listed for $2.50 per sf or nearly $1.03 million. According to Joel Michael, senior associate with NAI Houston, the buyer, 14001 InterDrive LP, ended up getting the land for less than the ask. He and NAI Houston brokers Chris Caudill and John Ferruzzo represented the buyer while Jim Foreman with Cushman & Wakefield of Texas Inc. in Houston office handled talks for the seller.

Michael tells GlobeSt.com that construction will commence within 90 days on the first spec space for the development, a 17,000-sf warehouse and 23,000-sf sister. The buildings will deliver in the third quarter.

"I don't know how the remainder of the construction will play out," Michael says. "We have sites there that can be build-to-suit or design-construct. We'll wait and see what happens after the first two buildings are fully developed." NAI Houston will prelease the project, which as yet is unnamed. The construction cost also is not available.

The partnership, which has built out parcels on the southwest and west sides of the metro area, is seeking more property, Michael says. "They're definitely interested in more developments," he adds. "They have another deal working now with a closing pending."

Instant Insights /

10-Acre Industrial Park Will Rise in Southeast Houston

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