Marcus & Millichap is pleased to present the opportunity to acquire the property located at 10511 Corporate Drive in Stafford, Texas, leased to Ismaili Jamatkhana. The subject property consists of approximately 11,144 square feet of specialized industrial space and is situated on 0.85 acres of land. The single-tenant asset features masonry construction, a clear height of 18 feet, one dock-high door, three grade-level doors, three-phase power, and 21 parking spaces. With close proximity to Interstate 69 and U.S. Route 90 Alternate, the property sits 19 miles southwest of downtown Houston. The tenant recently began a new three-year triple-net lease effective January 2025 with four three-year renewal options. At $12.02 per square foot, the lease escalates annually at 3.33 percent. Ismaili Jamatkhana is a congregation center that has occupied the property for over 30 years. The congregation center of Ismaili Jamatkhana has a strong presence in metro Houston and is currently developing a 458,314 square-foot worship center near downtown, the first center of its kind in the U.S.
The subject property is located within the Sugar Land submarket, containing a sizeable 41.5 million square feet of industrial space. After a historic year in 2023, supply fell back in line with demand last year with net deliveries adding about 976,000 square feet. Demand for industrial space in Sugar Land reached nearly 1.9 million square feet in 2024, pushing the vacancy rate down 250 basis points to 11.5 percent. While availability tightened in 2024, annual rent growth decelerated by 430 basis points from a 20-year high to 0.9 percent. With about 173,000 square feet of industrial space under construction in Sugar Land at the start of 2025, representing less than 1.0 percent of inventory, vacancies and rents will largely be dependent upon demand going forward (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. © 2025 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0040524)
