Colliers announces the sale of an industrial investment property located at 11424 Mesa Drive, Houston Texas. Locally based investment firm TRECAP Mesa Dr. Partners, LLC who purchased the property, was represented by Jason Tangen of Colliers in the transaction. The property was offered by Hubbard Development Company, LLC.
The industrial warehouse property features ±61,200 square feet, dock and grade loading, fenced outside storage areas and is crane-served. The property, which is 100% occupied by two tenants, was purchased as a stabilized investment by TRECAP. The industrial warehouse property is situated in Northeast Houston in close proximity to the Beltway and US 59.
TRECAP Management is a real estate investment, management and advisory services company. They own and manage investment portfolios that are comprised of assets in various property sectors, such as office, retail and industrial.
The property is located in Houston’s Northeast Highway 90 industrial submarket. The submarket contains 26.7 million square feet of industrial space which is currently 95.4% occupied. There is 319,000 square feet of industrial space currently under construction in the submarket. The annual average asking market rental rate is $8.31 per square foot.