CBRE today announced the sale of a 30,000 square-foot industrial building occupied by GE Oil & Gas in northwest Houston to GBP Properties, a real estate investment firm based out of Monterrey, Mexico.
CBRE’s Tom Lynch and Mark Redlingshafer represented the Houston-based seller, Investment & Development Ventures, LLC.
The property at 11150 Equity Drive is located in Westway Park just off of Beltway 8 north of Clay Road. GE Oil & Gas has occupied the space for 5 years.
“This investment property generated a significant amount of interest from local, regional and national private buyers due to its irreplaceable location with easy access to Beltway 8 and a tenant with strong credit” said CBRE Executive Vice President Tom Lynch.
According to CBRE research, there is a strong demand for industrial space in the northwest and southeast Houston submarkets, more than half of the absorption for the first quarter of 2018 came from those two submarkets. In addition, vacancy rates in the Houston industrial market are the lowest they have been in over a year at 5.2 percent.
“There is an abundance of capital available for investors seeking to acquire well located assets with solid tenants, and we expect the strong appetite for Houston industrial product to continue”, said CBRE broker Mark Redlingshafer.
CBRE’s Tom Lynch and Mark Redlingshafer represented the Houston-based seller, Investment & Development Ventures, LLC.
The property at 11150 Equity Drive is located in Westway Park just off of Beltway 8 north of Clay Road. GE Oil & Gas has occupied the space for 5 years.
“This investment property generated a significant amount of interest from local, regional and national private buyers due to its irreplaceable location with easy access to Beltway 8 and a tenant with strong credit” said CBRE Executive Vice President Tom Lynch.
According to CBRE research, there is a strong demand for industrial space in the northwest and southeast Houston submarkets, more than half of the absorption for the first quarter of 2018 came from those two submarkets. In addition, vacancy rates in the Houston industrial market are the lowest they have been in over a year at 5.2 percent.
“There is an abundance of capital available for investors seeking to acquire well located assets with solid tenants, and we expect the strong appetite for Houston industrial product to continue”, said CBRE broker Mark Redlingshafer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.