Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Two logistics-related firms have signed five-year pacts, totaling 149,722 sf, in University Business Park. The two industrial deals bring the 15-building, 578,000-sf park to 72% occupancy.

“We took over the leasing in January and at that time the park was just 44% occupied,” says H. Frank Stanley, an associate director in Houston for Cushman & Wakefield of Texas Inc. Dallas-based Global Group Logistics took the entire 100,772-sf Building 8, emptied two years ago by the US Postal Service. Velocity Express took down 48,950 sf in Building 14 in the business park at 5000 Gulf Freeway.

Global Group Logistics, marking its entry into the local market, plans to immediately occupy 65,000 sf and take over the warehouse’s balance in the second year of the lease. “This is a pretty good sized deal–the largest space left in the park,” Stanley tells GlobeSt.com, adding the pact included three months of free rent.

According to Stanley, the company was searching for roughly 100,000 sf of warehouse space on the south side of town. “They wanted to be close to the port,” he explains. Stanley partnered with C&W’s Kelley Parker III and John Littman to represent the building owner, locally based Houston UBP Partners, which had the industrial space on the market for $3 per sf. Joe P. Doye Jr. of Westin Co. in Dallas represented Global Group Logistics.

Stanley says Velocity Express of Westport, CT will relocate its local delivery group in August to the 60,210-sf Building 14, which leases for $3.60 per sf. The group currently shares a 65,000-sf office/warehouse at 8201 La Porte Freeway with its national operations group. Ron McWherter of CB Richard Ellis Inc.’s local office and Brian Fogelberg with CBRE in Minneapolis represented Velocity Express.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.