First Industrial Realty Trust Inc. has sold buildings 6 and 7, each 55,200 sf, at 4802 N. Sam Houston Pkwy. W. in the 21-acre park. First Industrial is continuing to lease and manage the pair as well as the five remaining buildings, which are still on the market.
"We'd brought all seven of the buildings to market and were able to make a deal with GID for those two," says Michael Parker, associate director with Holliday Fenoglio Fowler LP in Houston. He tells GlobeSt.com that Bammel Business Park was brought to market in 2007 before First Industrial began construction.
Parker acknowledges the project didn't attract a whole lot of interest from buyers in the beginning because it was in the build-up phase. GID came into the process early, however, and got to know the property well. "GID was the right buyer at the right time," Parker says.
According to HFF, Houston's northwest industrial submarket stood at 88% occupancy, with 5.5 million sf vacant in the 47.7-million-sf inventory at the end of the second quarter. An additional 1.8 million sf is under construction.
"Leasing velocity is strong in that submarket and it's spurring development," Parker explains. He says Bammel Business Park is one of the last remaining sizeable sites tagged for industrial use. "This was one of the ones between I-45 and I-10 that was large enough to make development feasible," he adds.
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