A spokeswoman with Houston-based Avera tells GlobeSt.com that the 22.5-acre project at US Hwy. 90A and Promenade Boulevard isn't geared for a long-term hold. She adds, however, that the future of the park will be determined closer to completion. "At this point, though, we're planning to sell on completion," she says.
Architects Plus of Houston is the designer while San Marcos, TX-based K-W Construction Inc. is the general contractor. Faron Wiley and Carlton Anderson with CB Richard Ellis in Houston are leasing the project. The quoted rates range from 45 cents per sf to 75 cents per sf, triple net.
Freeport Ninety Business Park is going vertical at a time when warehouse, distribution and industrial space is still in high demand. According to Grubb & Ellis Co.'s second-quarter industrial report, vacancy in the southwest far submarket, which includes Stafford, stands at 6.2% in the 23.4-million-sf inventory.
Cushman & Wakefield of Texas Inc.'s second-quarter report shows similar statistics for the submarket. Out of a 30.8-million-sf inventory, its team found an overall 8.5% vacancy. Both reports place warehouse and distribution vacancy throughout the metro area at 3% to 5%.
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