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HOUSTON-Opus West Corp. will break ground in 30 days on a 15.7-acre tract, the first phase to a 45-acre industrial park where build-out will be 637,000 sf. The Phoenix-based developer will jumpstart the project with three buildings, totaling 203,760 sf.

Eric Langford, Opus West’s senior vice president in Texas, tells GlobeSt.com that the initial land, bought in recent weeks, was acquired, with options on the balance, from a Philadelphia-based investor, MIS of Texas. The land is positioned on the southwest corner of Holmes Road and Fannin Street in the Houston Medical Center. The going rate for land in the submarket ranges from $2.50 per sf to $5 per sf.

Opus intends to deliver the first phase to the Opus Fannin Center in April 2004. The lead building is a 57,600-sf design, with a net asking rate of $6 per sf, according to Langford. Priced at $4.80 per sf will be structures of 80,080 sf and 66,080 sf.

Tyndall Yaap and Thad Hickman, both in Grubb & Ellis Co.’s Houston office, represented Opus West in the land acquisition and marketing the project. Grubb & Ellis’ Jay Jenckes also will be marketing the spec space.

Langford says there currently is a “lack of good quality industrial product” in that area of town and believes the property will appeal to a cross-section of potential tenants. “There are an unbelievable number of things going on out there,” he adds.

Langford says the second phase is not tied to tied to 100% occupancy of the first phase. So if the market is hot, Opus won’t wait until lease-up to bring out more product.

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