Colliers is pleased to announce the sale of ±3.9 acres (Lot 15) in Tomball Business and Technology Park located at 21240 and 21242 Spell Circle in Tomball, Texas. The buyer, an LLC of Nickson Industrial Warehouses, was represented by ACC Realty, LLC. Tom Condon, Jr., Principal of Colliers in The Woodlands, represented the seller, Tomball Economic Development Corporation (TEDC), in the transaction. Jane Mathews with Stewart Title in Tomball coordinated the closing.
Nickson Industrial Warehouses purchased Lot 15 with plans to build and develop two office warehouses totaling 47,458 square feet. The new developments named Building 5 and 6 will be located on Spell Circle. Building 5 - 21240 Spell Circle, will be 25,125 square feet measuring 225' long by 111' wide and Building 6 - 21242 Spell Circle, will total 22,333 square feet and will measure 200' long by 111' wide.
Tomball Business and Technology Park is a ±100 acre master planned and deed restricted business park situated just east of the Tomball Tollway along Holderrieth Road and Hufsmith Kohrville Road. The industrial park features light industrial zoning, fully served with all utilities and easy access to SH 249, FM 2920 and the Grand Parkway. The park is currently 82% sold or under contract to occupiers and/or developers.
The property is located in Houston's North Freeway/Tomball Parkway industrial submarket. The submarket contains 38.7 million square feet of industrial space, which is currently 94.6 percent occupied. The average asking market rental rate is $8.69 per square foot and there is 466,000 square feet of industrial space currently under construction in the submarket.