X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SUGAR LAND, TX-Since its founding seven years ago, a Stafford-based distributor of residential light fixtures has expanded several times over. And, it’s doing so one more time in a lease signing after ruling out a purchase due to the unpredictable and phenomenal growth.

Classic Lighting Inc. has leased 22,535 sf at Sugar Land Business Park at 730 Industrial. The firm considered buying, but then nipped the idea, Chris Caudill of Grubb & Ellis Co.’s Houston office tells GlobeSt.com. He represented Classic Lighting in the signing while Pat O’Connell and George Tickell, both of O’Connell Realty in Houston, handled talks for building owner, South X SW HSO LP.

Caudill says Classic Lighting has grown incrementally since its launch in just 5,000 sf. Its last lease encompassed about 15,000 sf. In fact, the freshly signed 22,535-sf spot may not hold the company for long, he says. Still, it’s the submarket that Classic Lighting wanted–the southwest. “All of their employees live there,” he says.

Caudill, who specializes in the southwest part of town including Stafford and Sugar Land, says the area’s industrial leasing definitely is slowing. But, he emphasizes, the slower pace started long before the “recession” became official and the events of Sept.11. He noticed signs of a slowdown as early as the second quarter.

As has been the case across the city, Caudill says building sales to smaller users have been extremely brisk this year. People are definitely taking advantage of low interest rates and the area’s good market conditions. In fact, he confides he has several buildings in the 5,000-sf to 20,000-sf range under contract right now.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.