Cushman & Wakefield Arranges 150,000-Square-Foot Lease with Crane Worldwide
Represents Property Owner in Major Houston Industrial Transaction.
- Houston, TX (1888PressRelease) May 23, 2013 - Commercial real estate services firm Cushman & Wakefield, Inc. has completed a 150,000-square-foot industrial lease transaction with Crane Worldwide Logistics at 6501 Navigation Blvd. in Houston. The Houston-based Cushman & Wakefield industrial team of Jim Foreman and Beau Kaleel represented property owner Levey Group. Crane Worldwide, a full-service air, ocean, trucking logistics company and customs brokerage, was represented by Ed Frantz and Kevin Kushner of CBRE.
The signing marks an expansion by Crane Worldwide, which maintains other locations within the Houston marketplace. "This new location is to service an energy client of theirs," said Foreman.
The transaction marks a major signing for 6501 Navigation Blvd., which is located within the I-610 Loop and is currently undergoing a major redevelopment by Levey. Crane's location is in the property's 286,000-square-foot Building A, and an adjacent 26,000-square-feet brings the site's total to 312,000 square feet. Once totaling 540,000 square feet with 11 buildings constructed in 1950, "the ownership has razed several buildings and sold 10 acres to Centerpoint Energy as part of its redevelopment plan for the site," said Foreman.
The adjoining space in Building A currently remains available, although "Crane is looking at that space for another possible expansion," he said.
As far as the Houston industrial market, "it is extremely tight, with only about a six percent vacancy factor, down from a little more than seven percent a year ago," said Foreman. "Rental rates are beginning to see an increase, and construction costs appear to be holding steady.
"Land prices are going up fairly significantly for industrial land, and there is less industrial land available to build on in Greater Houston than there was five years ago," he said. "A lot of these trends are being driven by the energy sector and other commodity-type warehouse operations that are benefiting from the increase in population and consumer spending. Overall, the outlook is good."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012, in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.
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