X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Proterra Properties Inc. will launch construction within the week on the 276,273-sf Northwest 8 Distribution Center. The $15-million project will be the last one to go vertical in the 34-acre Northwest 8 Business Park.

The speculative building will be situated on 16 acres at Okanella Road and Beltway 8. It will be ready for occupancy by yearend. Kit Dolan, managing director in Houston for Dallas-based Proterra, says the single building can be divided among four tenants. The lease rate is $4.80 per sf net on an annual basis.

In 2001, Proterra Properties began building in Northwest 8 Business Park, starting with two warehouse/distribution buildings totaling 140,000 sf. Mountain West Industrial Properties LLC in Greenwood Village, CO ended up with the buildings at 6350 and 6360 W. Sam Houston Parkway North.

Dolan tells GlobeSt.com that Proterra held back on the second phase of the park’s development due to the lack of market demand. During the early 2000s, demand for industrial space wasn’t as strong as it is today.

“Houston’s strong job growth and economic expansion is having a considerable effect on the city as a whole and the industrial market, in particular,” Dolan says. “The northwest market has seen very strong leasing activity, with the industrial distribution market over 95% occupied.”

Because of the market strength, Dolan says Proterra Properties is looking for other development sites, specifically in the northwest submarket. Although nothing is in the pipeline at this point, he says the company most likely will have something under contract by year’s end.

Munson Kennedy Partnership of Houston is Northwest 8 Business Park’s architect. Proterra Properties is handling marketing and leasing.

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

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.