(To read more on the industrial market, click here.)
HOUSTON-A South Texas partnership has taken control of CentralCity Industrial Park, formerly a Hughes Tool Co. manufacturingplant. The new owner's plan is to get the one-million-sf asset's86% occupancy to full.
"This is 2.5 miles from the CBD and 2.5 miles from the port ofHouston," says John Pogue, president of Pelec Development Ltd."This is a good, functioning industrial park that iswell-situated." In keeping with the state's non-disclosurepractice, he's not saying what he spent to acquire the 75-acrecomplex at 5301 Polk Ave. in the far eastern submarket. But,similar properties have ended up on the market for $9 per sf to $13per sf.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
