The Greenwood Village, CO-based Mountain West acquired thetwo-building complex on 42 acres at 4035 Underwood Rd. from theVantage Cos., which will continue to manage and lease it. The firstlease was inked in the past month: 129,375 sf by St. GeorgeTrucking & Warehousing of Texas Inc., which signed a 10-yearlease for the project's 172,500-sf cross-dock warehouse.

Mountain West's acquisitions director T.J. Tarbell says the teamlooked at land near the port to develop, but opted to court Vantagewith an off-market deal to shave time for getting some space in themarket. "We felt this was a great opportunity for us to get asignificant amount of sf near the port and get product out in themarket in mid-2008," he says. "The timing fit really well with thedemand side of the equation for the Port of Houston." The complexis close to Bayport and Barbours Cut terminals.

[IMGCAP(2)]Tarbell says Vantage principals Steve Jaggard, JimBlack and Stephen Dunn are courting several prospects for the600,000-sf distribution center and 43,125-sf balance of St.George's new operating address, which is being finished out rightnow. To sweeten deal-making, Tarbell says two 2,000-sf spec officesuites are going to be completed as part of the marketing packagefor the 40,000-sf to 600,000-sf spaces. The quoted rate is 35 centsper sf, triple net.