Colliers is pleased to announce the sale of a ±25,992 square foot industrial building situated on 2.172 acres at 4303 South Drive in Houston, Texas. Michael Stavinoha with Dominion International Group | EXP Realty represented the buyer. Christopher D. Winters and Walter Menuet of Colliers represented the seller, Glenmorangie LLC.
“Colliers is pleased to have represented our long-standing client, Glenmorangie LLC, in this transaction,” said Chris Winters of Colliers. “We had a number of immediate inquiries reflecting strong demand for this type of industrial property and were able to facilitate a quick sale. ”
The property is within Houston’s Southwest Far industrial submarket, which contains 25.6 million square feet of industrial inventory that is currently 90.6% occupied. Net absorption of 643,333 square feet and leasing activity of 649,739 square feet were reported during the second quarter. One 65,000-square-foot property is under construction while five properties totaling 628,925 square feet were delivered in the submarket during the second quarter. The submarket currently offers an average asking rental rate of $8.87 per square foot.
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Colliers is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 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 $4.4 billion and $96 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.
