Colliers is pleased to announce the lease of a ±127,046 square foot distribution center located at 2425 Turning Basin Drive in Houston, Texas. The lessee, LTR Intermediate Holdings, was represented by John D. Garza of Windsor Hill Real Estate Group. John Nicholson, Zack Taylor and Trey Horne of Colliers represented the lessor, Macey Family Properties, in the transaction.
The industrial distribution center is located along Interstate 610, just south of Interstate 10. Formerly a Conn's Home Plus distribution center, the property features a two-story office, twelve dock high doors and a partially fenced truck court.
"The Colliers team did a fantastic job marketing the asset for us," said Stephanie Holt of Macey Family Properties. "Our goal was to find a long-term tenant for the building and Colliers was able to give us exactly what we wanted.”
The property is located in Houston's Southeast Outer Loop industrial submarket. The submarket contains 18.3 million square feet of industrial space which is currently 95.1 percent occupied. The average asking market rental rate is $6.08 per square foot and there is 457,000 square feet of industrial space currently under construction in the submarket.