Petroleum-Related Firm Inks 10-Year Lease

HOUSTON-A company that manufactures and distributes petroleum testing equipment will relocate into 63,000 sf at Legacy Center Phase 2. Locally based Petroleum Analyzer Co. LP, a subsidiary of Roper Industries Inc., inked a 10-year pact for the industrial space.

Petroleum Analyzer is planning to move into 8802 Fallbrook Dr. by midsummer. The 216,000-sf, cross-dock facility offers frontage on Beltway 8 and plenty of parking, according to Andrew Mele, vice president of the Philadelphia-based Liberty Property Trust, who singled-handedly brokered the deal.

“Location was the key motivator, but visibility was important as well,” Mele explains. “This building was perfect for them.” Currently, Petroleum Analyzer occupies 45,000 sf at 300 Bammel Westfield Rd.

Mele tells GlobeSt.com that one of Petroleum Analyzer’s executives identified Legacy Center as a possible relocation site and placed a call based on the sign. Negotiations took more than six months, he says. “We spent some time on how much space they actually needed,” he says. “At first, they thought they needed less space, but ended up taking the remaining space in the building.” The building’s 153,000-sf balance is leased to Foxconn, which is part of the Taiwan-based Hon Hai Precision Industry Co.

As part of the pact, Petroleum Analyzer will get building and monument signs. “They were able to get distribution space, but still have a nice image,” Mele says. The finish-out plan calls for 15,000 sf of mezzanine office space.

According to Mele, the facility leases for $3.96 per sf, triple net. “We got very close to that amount,” he says. “This was one of the better deals that we’ve done–from a landlord perspective.”