Marcus & Millichap is pleased to present the opportunity to acquire the property located at 904 Perla Road in Pasadena, Texas, leased to Imprimus Labels and Packaging. The subject property consists of approximately 16,923 square feet of warehouse space and is situated on 2.32 acres of land. The single-tenant asset features a clear height of 18’, one drive-in door, three-phase power, and metal construction. With a building coverage ratio of 17 percent, the property has ample industrial outdoor storage (IOS) space with rear yardage. Situated between Interstate 45 and the Sam Houston Parkway (Beltway 8), the property has proximity to William P. Hobby Airport. Imprimus recently renewed its lease effective November 2024 for five years on a triple-net basis at $10.92 per square foot, 4.0 percent rent escalations, and with one five-year extension option. In 2020, the predecessor to Imprimus acquired long-standing tenant, The Label Smith, expanding its production of high-quality commercial labels and packaging.
The subject property is situated within East-Southeast Far submarket, one of the largest industrial submarkets in the country with 116 million square feet, accounting for roughly 14 percent of Houston’s industrial market. The submarket is home to the Port of Houston, the largest port for waterborne tonnage in the nation, supporting 3.2 million jobs (a third of them in Texas) and creating an $800 billion economic impact each year. To accommodate growing demand, the Port of Houston is undergoing the $1 billion Project 11, which plans to expand and deepen the Houston Ship Channel by 2028. In Q3 2024, the vacancy rate in East-Southeast Far submarket dropped 140 basis points to 9.6 percent thanks to strong demand. Despite the fall in vacancies, annual rent growth continued to decelerate 70 basis points to 2.3 percent, pushing average rents to about $9.00 per square foot. With 2.6 million square feet under construction at the start of Q4, the East-Southeast Far submarket is set to expand by only 2.2 percent (CoStar).
As the fifth most populous metro area in the U.S., Houston houses over seven million people in southeastern Texas. The market is composed of nine counties: Harris, Galveston, Brazoria, Fort Bend, Chambers, Montgomery, Austin, Liberty and Waller. The Gulf of Mexico, which borders the metro to the southeast, provides access to markets around the world via the Port of Houston, making it a prime location for import/export. Houston’s economy has diversified in recent years, with the healthcare and technology sectors showing strong growth. As Houston’s population continues to grow, primarily to the northwest, many companies are expanding to the region to provide goods and services to the increasing population.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0040513)
