Colliers is pleased to announce the sale of ±1.7484 acres (Lot 4-1) in Tomball Business and Technology Park located in Tomball, Texas. The buyer, West Woodland Business Park, LLC, was represented by Rob Banzhaf of Newcor Development, LLC. Tom Condon, Jr., principal of Colliers in The Woodlands, represented the seller, Tomball Economic Development Corp., in the transaction.
On behalf of the buyer, Newcor Development is working on plans for an office flex or office warehouse spec facility for multi-tenant occupancy.
“This is another example of the Tomball Business & Technology Park‘s standing as a premier destination for office and warehouse utilization. The demand for development in the Park continues to be very strong,” said Kelly Violette, Tomball Economic Development Corporation Executive Director. “We look forward to Newcor developing a first-class facility that attracts business to Tomball.”
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, is fully served with all utilities and has easy access to SH 249, FM 2920 and the Grand Parkway. With this sale, the Park is 76.5 percent sold and the remaining 18.3 acres are under contract and expected to close early in the fourth quarter of 2022.
The property is located in Houston's North Freeway/Tomball Parkway industrial submarket. The submarket contains 39.4 million square feet of industrial space, which is currently 95.7 percent occupied. The average asking market rental rate is $9.17 per square foot and there is 1.7million square feet of industrial space currently under construction in the submarket.