Colliers is pleased to announce the sale of a 3.7 acre stabilized storage yard, located at 605 North Wayside Drive in Houston. The seller, RYCO Real Estate #1, was represented by Jason Ryan and Webb Melder of Melder Real Estate. Zack Taylor of Colliers represented the buyer, 605 Wayside LP, in the transaction and has been retained to lease the property on behalf of the investment group.
"The property’s proximity to both Port Houston’s Breakbulk terminal and Interstate 10 is extremely attractive to tenants looking to store trucks, trailers and other oversized cargo. This asset will be a terrific long-term investment for the client," said Zack Taylor, Senior Vice President of Colliers.
The stabilized yard is situated just south of Interstate 10.
The property is located in Houston's Downtown industrial submarket. The Downtown industrial submarket contains 31.9 million square feet of industrial space which is currently 94.3 percent occupied. The average asking rate in the submarket is $5.68 per square foot.