HOUSTON–The Richland Cos. has purchased theFairmont PH Business Park. The two-building parksits on nearly 5 acres and contains 66,654 square feet ofindustrial space. Kelley Fairmont Inc. sold theproperty for an undisclosed sum.

|

The business park, located at 11810 FairmontPkwy. and 13501 Bay Area Blvd., was builtin 2008. It is fully occupied by tenants, which include WorleyParsons, Orr Safety, GSA and Coastal HVAC Supply.

|

The purchase was part of The Richland Cos.' attempt to takeadvantage of the growing Port of Houston.

|

According to President and CEO EdnaMeyer-Nelson, the major draw was the facility's addressespecially with its close proximity to Bayport Container Terminal,Barbour's Cut and the Port of Houston.

|

“This submarket has a high barrier to entry due to limitedland and increasing land prices. With the enlargement of the port,we will see larger ships, which will be able to bring in moreconsumer goods and product,” Meyer-Nelson tells GlobeSt.com. “Theneed to receive, store and distribute this cargo throughout theUnited States will continue to increase especially given Houston'scentral location.”

|

Due to the area's growth around the Port of Houston and thewidening of the Houston Ship Channel, The RichlandCos. will continue to look for additional industrial opportunitiesin the area. Strip centers, office buildings, flex properties andindustrial properties all rank high on the list of targetedproperties.

|

“There is a lot of momentum in that submarket and because I'msuch an advocate of industrial, I'm looking at anything I can findin that area,” Meyer-Nelson says.

|

The Richland Cos. portfolio contains 33 properties infour states, with a 13 properties in the Houston area,totaling 1.6 million square feet of owned andmanaged commercial property.

|

While some industry leaders believe the industrial market islagging behind some of the other sectors, such as office andretail, Meyer-Nelson says she sees 2014 becoming the year ofindustrial, much like 2013 was the year for office.

|

“As job growth continues especially in manufacturing, morecorporations expand and move their headquarters to Houston, homebuilding continues to increase and larger containers come intoHouston, the need for more storage and warehousing space willincrease exponentially – people tend to forget about the need tostore and distribute the goods that help all of these segmentsgrow,” Meyer-Nelson tells GlobeSt.com “Houston may be the fourthlargest city, but it is certainly knocking on number three's door.I think we are well on our way to becoming the next gateway cityand it's exciting to think about what Houston will do given ourcontinued growth and central locale.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.