Two tenants inked mammoth leases in a business park near the Port of Houston, totaling more than a combined 1 million square feet of leased and pre-leased space.
Memphis, Tennessee-based Dunavant, a logistics and supply chain company, preleased 565,760 square feet in Phase II of the Bay Area Business Park, which is set to deliver in September 2016, a Stream Realty spokesperson said. Floor & Décor Outlets of America Inc. leased 480,480 square feet in Phase I of the business park, which delivered in 2009 and includes three buildings that total 1.2 million square feet. The leases were finalized in late December, making them some of the biggest industrial leases to close in Houston in 2015.
Principal Real Estate Investors owns Bay Area Business Park in Pasadena. The park is developed, leased and managed by Dallas-based Stream Realty Partners.
Currently, Dunavant is leasing 365,000 square feet in Phase I of the park, meaning that the company will expand its footprint in the park by more than 50 percent. Details of Dunavant’s Phase I lease or Phase II pre-lease weren’t disclosed.
Phase II of the park will contain four buildings totaling 829,415 square feet. Dunavant will fully occupy two of those buildings.
Other mammoth industrial leases include Ohio-based Exel signing a lease renewal for 905,000 square feet at City Park East in the East submarket. Click here to read about Houston’s largest industrial leases of 2015.
By: Cara Smith
SOURCE: Houston Business Journal