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PASADENA, TX-A Houston developer has acquired 41 acres to expand the Bayport Distribution Center. Vantage Cos. will soon break ground on the 775,000-sf second and final phase of its coastal development.

Financial details of the transaction are being kept under wraps, but experts familiar with the area say land values can go from $2.25 per sf to $3 per sf. Vantage Cos. has acquired acreage at the corner of Fairmont Parkway and Underwood Drive from a Houston-based limited partnership, North Bayport Industrial Park II. Second-phase construction is slated to start in April.

The second phase’s cost is still being finalized. But, the 560,000-sf, two-building first phase, which was completed in August 2006, had an all-in price tag of $20 million, according to Stephen H. Jaggard, Vantage’s president.

Jaggard tells GlobeSt.com that Bayport’s first phase is 30% leased with another tenant in hand to push it above the 50% mark. “We’ve had a lot of activity going on there right now. We figured leasing was going very well on it so we decided to get going on the next phase,” Jaggard says.

Bayport Distribution Center’s second phase will deliver in late 2007, right in line with Jaggard’s lease-up prediction for the first phase. “This will be inventory for 2008,” Jaggard says. The second phase’s quoted rates are 34 cents per sf to 38 cents per sf, triple net.

B. Kelley Park III and John F. Littman with Cushman & Wakefield of Texas Inc.’s Houston office represented the seller in the land transaction. Vantage was self-represented.

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