airtex - loopnet · 2018. 9. 11. · airtex distribution center is located along houston’s major...
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H O U S T O N , T E X A S
AIRTEXD I S T R I B U T I O N C E N T E R
E X E C U T I V E S U M M A R Y
225,360 SQUARE FOOT
BEST-IN-CLASS INDUSTRIAL
WAREHOUSE BUILDING
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I N V E S T M E N T S U M M A R Y
HFF is pleased to offer for sale Airtex Distribution Center (the “Property”), a best-in-class cross-dock industrial warehouse building totaling 225,360 square feet. The Property is located on Airtex Blvd near Interstate 45 in the North Houston Industrial submarket and in close proximity to George Bush Intercontinental Airport. Airtex Distribution Center is 100% leased to Source Logistics and Fortune Seasons with 4.2 years weighted average lease term remaining. Airtex Distribution Center allows qualified investors the opportunity to acquire a new, class-A industrial asset and participate in the strengthening fundamentals of the North Houston Industrial submarket.
B E S T - I N - C L A S S I N D U S T R I A L W A R E H O U S E
I N V E S T M E N T S U M M A R Y
S U R R O U N D E D B Y I N S T I T U T I O N A L O W N E R S
L O C A T E D W I T H I N M A J O R H O U S T O N D I S T R I B U T I O N C O R R I D O R
O P P O R T U N I T Y T O P A R T I C I P A T E I N I M P R O V I N G S U B M A R K E T F U N D A M E N T A L S U P O N R O L L O V E R
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S T R O N G T E N A N C Y I N C L U D I N G R E C E N T T E N A N T E X P A N S I O N
M O D E R N B U I L D I N G W I T H L O W O F F I C E F I N I S H
C L O S E P R O X I M I T Y T O G E O R G E B U S H I N T E R C O N T I N E N T A L A I R P O R T
H O U S T O N E C O N O M I C F U N D A M E N T A L S C O N T I N U I N G T O S T R E N G T H E N
ADDRESS 300 W. Airtex BlvdHouston, Texas 77090
NET RENTABLE AREA 225,360 SF
LAND SIZE 13.8 acres
YEAR BUILT 2014
CLEAR HEIGHT 32 feet
OFFICE FINISH 3.9%
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LOCATED WITHIN MAJOR HOUSTON DISTRIBUTION CORRIDORAirtex Distribution Center is located along Houston’s major north/south thoroughfare connecting to Dallas, Interstate 45. This location allows for tenants to easily access trade routes and major Houston population centers including The Woodlands to the north and downtown and surrounding areas to the south. Additionally, Interstate 45 connects Airtex Distribution Center to the Grand Parkway (Highway 99), Houston’s outer loop, as well the Sam Houston Tollway (Beltway 8) just to the south. Tenants in the north submarket, particularly near Airtex Distribution Center, benefit from its close proximity to the George Bush Intercontinental Airport.
OPPORTUNITY TO PARTICIPATE IN IMPROVING SUBMARKET FUNDAMENTALS UPON ROLLOVERNorth submarket rental rates are currently below historic highs after a wave of supply delivered into the early stages of the oil price collapse in late 2014/early 2015.
Since the latest cycle of development in the submarket, there has been very limited amount of product to hit the market, allowing demand to catch up and many of the existing vacancies have now been filled. Airtex Distribution Center offers the opportunity to acquire an asset an attractive basis for class A product and participate in the improving submarket fundamentals upon rollover in five years.
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STRONG TENANCYThe Property is 100% leased to Source Logistics and Fortune Seasons. Fortune Seasons recently expanded by an additional 59,854 square feet and extended the term on its existing space, which is its second expansion at the Property.
Source Logistics is operating a food grade warehouse within their space and customers include 20+ household brands within a multi-state distribution network.
INSTITUTIONAL QUALITY BUILDING WITH LOW OFFICE FINISHAirtex Commerce Center was constructed to the highest standards of today’s industrial real estate. The building features a 32-foot clear height, ESFR sprinkler system, 130-foot truck court, 52 dock-high doors and 4 drive-in ramps along with 18 trailer parking stalls.
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PROLOGISPROLOGIS
PROLOGISLAND
PROLOGISLAND
CALSTRSCALSTRSEXETEREXETER
GEORGE BUSH INTERCONTINENTAL AIRPORTGEORGE BUSH INTERCONTINENTAL AIRPORT
MOLTOMOLTO
IPTIPT
IPTIPT
GLPGLP
W A
IRTEX BO
ULEVA
RD
W A
IRTEX BO
ULEVA
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I -45 | NORTH F
REEWAY
I-45 | NORTH F
REEWAY
IMPERIAL VALLEY DRIVE
IMPERIAL VALLEY DRIVE
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SURROUNDED BY INSTITUTIONAL OWNERSThe North Industrial submarket is home to many of the largest institutional industrial owners including Prologis, EastGroup, Duke Realty, Liberty Property Trust, CalSTRS, Clarion Partners, IPT and TH Real Estate, to name a few.
CLOSE PROXIMITY TO GEORGE BUSH INTERCONTINENTAL AIRPORTLocated a few miles east of Airtex Commerce Center, George Bush Intercontinental Airport serves as Houston’s main airport and air cargo destination. The airport serves 27 passenger airlines, 186 non-stop destinations and in 2017 saw nearly 41 million travelers. In January 2019, United Airlines will add its latest non-stop international destination with Sydney, Australia.
George Bush Intercontinental Airport is a key part of Texas’ airport network, which accounted for $71.1 billion in international trade in 2015. In that year, IAH accounted for about $15 billion in trade, supporting 38,000 Texas jobs and generating $5.4 billion in gross state product.
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LakeHouston
San Jacinto
Bay
SheldonReservoir
GalvestonBay
BayportTerminal
Barbour’s CutTerminal
SmithersLake
ClearLake
George BushPark
LakeHouston
State Park
ArmandBayouPark
WilliamP. HobbyAirport
George BushIntercontinentalAirport
HARRISCOUNTY
LIBERTYCOUNTY
FORT BENDCOUNTY
MONTGOMERYCOUNTY
BRAZORIACOUNTY
GALVESTONCOUNTY
Downtown
EnergyCorridor
The GalleriaWestchase
Greenspoint
The Woodlands
TexasMedical Center
69
69
69
Westpark Tollway
Katy Frwy
South
west
Frwy
Northwest Frwy
North Frwy
Hardy Toll RoadEa
stex
Frw
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North Loop
LoopSouth
Wes
t Loo
p
East
Loo
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Sam Houston Tollway
Sam Houston Pkwy
ExxonMobilCorporate Headquarters
Pasadena Frwy
Baytown East Frw
y
Sout
h Fr
wy
Fort
Pkwy
Gulf Frwy
Proposed
GrandPkwy
Proposed Grand Pkwy
Westheimer Rd
Beaumo
nt Hwy
Ben
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Grand Pkwy
AIRTEX DISTRIBUTION CENTER
George BushIntercontinental
Airport
Spears Rd
W. Rd
Kuykendahl Rd
N Fwy HO
V
North Fwy
North Fw
y
E Hardy Rd
E Hardy Rd
Bammel Rd
Farre
ll Rd
John F Kennedy Blvd
E Airtex Dr
Kuykendahl Rd
Farm T
o Mark
et 1960
Rd W
Farm To Market 1960 Rd W
Treasc
hwig R
dHirsch
field R
d
Veterans Memorial Dr
Tomball Pkwy
Wal
ters
Rd
Ella Blvd
Rankin Rd
East
ex F
wy
Rankin Rd
FM 525
Greens Rd
Cyp
ress
woo
d D
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W Rankin Rd
Northboro ugh Dr
T C Jest er Blvd
Walters Rd
W Richey Rd E Richey Rd Inez Rd
Richey
Rd
Cypress Creek Pkwy
Cypres
s Creek
Pkwy
Imperial Valley Dr
Hardy Toll R
d ( Toll road)
Hardy Toll Rd (Toll road)
Aldine Westfield Rd
Aldine Westfield R
d
Aldine Westfield Rd
Air Center Blvd
Will Clayton Pkwy
Cypre
ss
wood
Dr
E Cypr
esswoo
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Lou
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Louetta
RdSp
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Rd
Ella Blvd North Fwy
Sam Houston Pkwy
AIRTEX DISTRIBUTION CENTER
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LOCATION MAPS
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SOURCELOGISTICS
88,551 SF
FORTUNESEASONS
136,809 SF
OFFICE WAREHOUSE
W E S T A I R T E X B O U L E V A R D
GR
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DOCK
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596’
18 T
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130’
360’
130’
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SITE PLAN
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#1 POPULATION GROWTH AMONG U.S. METROS SINCE 2010(#2 in forecasted population growth through 2030*)#1 GDP PER CAPITA IN THE WORLD(#3 GDP growth since 2000 among U.S. metros)#1 JOB GROWTH AMONG U.S. METROS SINCE 2006(#3 in forecasted job growth for the next 10 years*)
#3 AMONG U.S. CITIES WITH 46 FORTUNE 1000 COMPANIES HEADQUARTERED IN THE CITY101,800 JOBS ADDED IN THE TRAILING 12 MONTHS 125,005 NEW RESIDENTS FROM JULY 2015 THRU JULY 2016 (#2 in the U.S.)
$232,000 MEDIAN HOME VALUE AS OF DECEMBER 2017
DIVERSIFIED HOUSTON ECONOMY
HOUSTON ECONOMIC FUNDAMENTALS CONTINUING TO STRENGTHENThe Houston economy is continuing to strengthen. Recently, Houston has experienced robust population, employment, and overall economic growth. As the nation’s fourth-largest metropolitan area is back on the rise, institutional and private groups have made significant investments in both downtown and the surrounding area. The economic recovery can be seen in the metrics – nearly 54,200 jobs have been added in the 12 months trailing July 2017 and 125,000 new residents came to Houston from July 2015 to July 2016 (2nd in the Nation). Additionally, since December 2016, the Houston Business Cycle Index has grown an annualized 3.3%, suggesting an exit from the oil bust and growth in the future.
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CONTACT INFORMATION
INVESTMENT SALES
TRENT AGNEW
Managing Director
T. (713) 852-3431
RUSTY TAMLYN, CCIM, SIOR
Senior Managing Director
T. (713) 852-3561
DANE PETERSEN
Analyst
T. (713) 852-3436
ETHAN GOLDBERG
Analyst
T. (713) 212-6549
FINANCING INQUIRIES
MICHAEL JOHNSON
Director
T. (713) 852-3474
HFF HOUSTON
9 Greenway Plaza, Suite 700
Houston, Texas 77046
T. (713) 852-3500
F. (713) 527-8725
hfflp.com