As Trammell Crow plans high-profile projects from Chicago to San Jose, it isn’t forgetting Texas.
The developer, founded in Dallas and now owned by CBRE, is building a 752,000-square-foot warehouse near Houston. The building at 15600 Carpenters Logistics Drive in Channelview is currently in leasing.
Work is expected to start in November and finish next August, according to a filing with the Texas Department of Licensing and Regulation. The estimated project cost is $26 million.
Tenants will be able to stack inventory up to 40 feet high and load materials through 177 trailer stalls and four drive-in ramps, according to the project’s marketing materials. There will also be about 3,600 square feet of office space, and a 5-acre outdoor storage area with another 153 trailer stalls.
A second building on the property spans 132,000-square-feet and is leased by packaging company South Atlantic Services. The property sits near the Port of Houston, the top American port by waterborne tonnage. Its closest major roadway is Interstate 10, which runs about a half mile from the project.
Nearly 8 million square feet of industrial space came online in Houston last quarter, coinciding with a rise in the vacancy rate to 6.5 percent, according to a report from Avison Young. New construction has slowed somewhat in recent months though, amid financing constraints and slowed demand. In all, around 29 million square feet of industrial space is in the pipeline for the Bayou City.
In recent months, Trammell Crow has made moves across the country. In April, its subsidiary High Street Residential received a $125 million construction loan for apartments in Chicago’s Fulton Market neighborhood.
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Read More Uncategorized, Development, Industrial, Logistics, Trammell Crow, Warehouses As Trammell Crow plans high-profile projects from Chicago to San Jose, it isn’t forgetting Texas. The developer, founded in Dallas and now owned by CBRE, is building a 752,000-square-foot warehouse near Houston. The building at 15600 Carpenters Logistics Drive in Channelview is currently in leasing. Work is expected to start in November and finish next
The post Trammell Crow building massive warehouse near Port of Houston appeared first on The Real Deal.
Robert Khodadadian has long had a simple philosophy about selling real estate.The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.The Real Deal