Colliers is pleased to announce the sale of the 81,500 square foot industrial park at 6002 W 34th Street in Houston, Texas. The seller, represented by Jason Tangen and Paul Dominique of Colliers, was a local family that owned and operated the park since its original construction.
“Bringing this property wide to market allowed us to leverage our unique platform in order to provide maximum exposure and yield multiple competing offers, ultimately leading to a sales price that exceeded expected returns. The market proved demand for near term mark-to-market investment opportunities is still extremely high,” said Paul Dominique of Colliers. “We would expect the demand for this asset type to continue to rise as availability of greenfield land sites in infill markets and replacement costs rise. Professional investors, both local and regional, continue to realize the value of these properties.”
The property is comprised of six buildings totaling 81,500 square feet situated on 3.84 acres. This multi-tenant industrial park is currently 95% leased.
The property is within Houston’s Northwest Near industrial submarket, which contains 19.1 million square feet of inventory that is currently 94.9% occupied. In 2023, leasing activity totaled 897,350 square feet while three buildings with 249,065 square feet were completed. No buildings are currently under construction in the submarket, which has an average asking rental rate of $7.32 per square foot.
About Colliers
Colliers is a leading diversified professional services and investment management company. With operations in 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 29 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.3 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
