Charmax of Houston LP, a division of Charmax USA from Carrollton, took down shell space in a 133,931-sf structure at 10511 Kipp Way with a five-year agreement, Ryan Cropper with Houston-based Vantage Cos. tells GlobeSt.com. The industrial space was marketed for 40 cents per sf, triple net, and $5 per sf for a tenant-improvement package. "We stayed within that," he says, adding that finish-out has just gotten under way.
The Beltway 8 Business Park location puts the distributor into a growing pocket of furniture wholesale operations, according to Cropper, who teamed with Vantage's Walter Menuet to win the deal. "This will be a good choice for them to expand their business in the market," Cropper says.
Cropper says lease, which was at the bargaining table two months, boosted occupancy to 79% in the four-year-old structure. And though, Vantage was up against other building owners, he says the talks produced a market-rate deal with Charmax, which was represented by Michael Hill Properties LLC of Houston.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.