Sandvik Leases 80,000 SF to Consolidate

The company will move into the new space from current locations at 5973 S. Loop and 13023 Trinity St. in Stafford, TX this week. Tenant representative Blake Kendrick with Stream Realty Partners LP tells GlobeSt.com that Sandvik began its search for a new location a little more than a year ago in anticipation of leases expiring in 2009. The company searched on the west side, from Stafford and Missouri City, TX to the northwest submarkets. The decision came down to the facility at 8618 W. Little York Rd. and another building.

Ultimately, "they really liked the other tenants who are already in the park and they saw a lot of value in a stand-alone building," says Kendrick, who is vice president with Stream's Dallas office. "The frontage on W. Little York provided a good location for the sales office, and it gave them the ability to secure the truck court and warehouse portion of the facility."

CB Richard Ellis vice president Faron Wiley, who represented Trammell Crow Co., tells GlobeSt.com the building was completed in April 2008. Though he declined to discuss Sandvik's lease consideration, he did say the quoted ask was $5.50 per square foot, net, and tenant improvements came with the deal.

Wiley, who works in CBRE's Houston office, says Sandvik's new location is part of Cole Creek Business Park's third phase, which consisted of 470,000 square feet. Sandvik's lease leaves 150,000 square feet remaining.

"Sandvik is our fourth lease in that phase. Reliable Sprinkler is also moving into the project," Wiley says. "We're in discussions with another company about the possible lease or sale of one of the other buildings."