Partners Investment is the general partner for Zoltowski. Ship Harbor JV is the seller. A 30,240-sf building is fully leased to Alcoa, a Pittsburgh-based producer of primary aluminum, fabricated aluminum and alumina.
Independent sources tell GlobeSt.com that equivalent properties in that area sell for approximately $30 per sf although the property's selling price was unavailable.John Ferruzzo of the Houston office NAI Partners Commercial represented the buyers, who are scouting for other buys. Clay Peeples of Houston-based Boyd Page & Associates brokered on behalf of the seller of 7010 and 7020 Zoltowski.
Ferruzzo tells GlobeSt.com that the opportunity to buy a crane-served, tilt-wall facility with a Fortune 500 tenant was very appealing to the partnership as was the opportunity to lease the 30,000-sf vacant building. He says he already has a signed lease with a high-profile steel company for the empty space. The spot, he says, attracted several interested parties after its availability was pushed out through the brokerage community.
Ferruzzo believes the East side represents a strong, steady submarket for industrial investment dollars right now. Many petrochemical and plastic companies are located in the area. And, it's an ideal location for businesses seeking proximity to the Houston Ship Channel. Ferruzzo says the submarket has extremely high occupancy because it doesn't have a lot of speculative development like the northwest distribution corridor.
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