HOUSTON-Construction is underway on the first phase of Panattoni Development Co.’s one-million-sf Airtex Industrial Center in the far north submarket. The 486,720-sf spec distribution center is slated for completion by April.

The first building will take up about 16 acres of the 59.57-acre site at Airtex Drive and Interstate 45. Similar industrial projects have gone vertical for $50 per sf to $60 per sf. The quoted lease rate is 42 cents per sf, triple net, with a $5 per sf tenant-improvement allowance.

Justin Bennett, Panattoni’s development manager in Houston, says Airtex Industrial Center is the developer’s re-emergence into the region’s industrial market after a long hiatus. The park’s remaining 34 acres will be developed as the market dictates although Bennett does say build-to-suit retail or office would be the best uses for the site.

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