Two Tenants Take 376,000 SF in Separate Parks

HOUSTON-Two tenants have taken down a total of 376,000 sf in two different industrial parks through long-term leases. Goodman Manufacturing Co LP leased 270,000 sf of a 320,000-sf building at the ProLogis Park Jersey Village Corporate Center on the far northwest side; while Freeman, headquartered in Dallas, leased a 106,000-sf building at the Southland Distribution Center in the near south submarket.

Ross Matthews, VP and Houston market officer with Denver-based ProLogis, says that Goodman, a residential air conditioning and heating products manufacturer, was already leasing space in one of the two buildings at the 1.2-million-sf Jersey Village when ProLogis began construction on the third building earlier this year in the 83-acre park at Beltway 9 and US 290. "Goodman was aware of it, realized they needed it, and ended up taking most of it," Matthews comments.

The remaining 50,000 sf in the building is occupied by Scholastic Book Fairs. The quoted rate for the space is $.34 to $.38 per sf, triple net.

Meanwhile, on the south side, at Texas 288 and Loop 610, Freeman needed space to augment its Houston operations for storage of exhibition materials. Matthews says the 1970s building Freeman leased was vacant, while the other two buildings nearby were fully leased. The asking rate for the space was $.20 to $.26 per sf, net.

Matthews says that the leases boost both parks' occupancy to 100%, and that more leases might be solidified in the area before the end of the year. "General leasing activity is still pretty solid in Houston," he adds. Freeman was represented by Bob Berry with Staubach Co.'s Houston office. Goodman Manufacturing was self-represented, as was ProLogis.