349,000-SF Freeport Ninety Awarded

Now the goal is to get the complex leased up, says Holt Lunsford partner Edward Bane. Bane, who is heading up the property's leasing efforts, tells GlobeSt.com that the targeted tenant base for this project at US Hwy. 90A and Promenade Boulevard consists of warehouse and distribution users, particularly those users who want their own free-standing buildings.

"One of the things we're seeing that's changed in the past five to seven years is that a lot of companies in the greater Houston area want to own their own buildings," Bane explains. "They're either buying or building." But with capital restraints on both acquisition and construction these days, companies are turning to leasing their own facilities, he adds.

The Freeport 90 buildings range in size from 15,000 square feet to 130,000 square feet. Bane says the quoted lease rate is $4.80 per square foot, net. Even better news is that the Freeport Tax Exemption is available for qualifying inventories and goods in transit. Also, "given the project is located in Stafford, there is no ad valorum tax," Bane comments.

Leasing/Management Assignments from Around the Lone Star State . . .
SAN ANTONIO, TX-Grubb & Ellis Co. will take on management responsibilities for Tesoro Corp.'s 618,000-square-foot headquarters at the Ridgewood Park Business Center. The campus is still under construction, and is being built to achieve LEED-New Building certification. The Grubb & Ellis property management team consists of Eric Forshee, executive managing director; Daryn Mieure, assistant vice president and senior portfolio manager; Kris Weideman, director of operations and Mark Upton, regional engineering director. All work out of Grubb & Ellis' San Antonio office.

DALLAS-Hines REIT has selected Stream Realty Partners' Dallas office to manage the 11-story, 220,000-square-foot Citymark. The class A office building is located in Dallas' Uptown area. Stream also manages Hines REIT's Chase Tower in Dallas' arts district, near the CBD.