Marcus & Millichap is pleased to present the opportunity to acquire the property located at 11918 Adel Road in Houston, Texas. The subject property consists of approximately 20,977 square feet of warehouse space and is situated on 1.67 acres of land. The two-building asset features five drive-in doors, a clear height of 18’, masonry and metal construction, and three-phase heavy power with 120 amps and 240 volts. With a building coverage ratio of 29 percent, the property has adequate space for outdoor storage. Located near the interchange between Interstate 45 and the Sam Houston Tollway, the property is primely situated in the North Freeway/Tomball Parkway submarket. For sale as vacant, the property can be acquired for owner use or as a lease-up investment opportunity.
North Freeway/Tomball Parkway is a large submarket, containing 44.6 million square feet of industrial space. The submarket has experienced significant population growth in recent years and industrial developers have followed suit, increasing the inventory by 6.4 percent since the beginning of 2023. During the third quarter of 2024, the vacancy rate touched 8.1 percent. However, among comparable properties under 50,000 square feet, only 4.9 percent of the inventory was vacant in Q3. Overall, market rent growth in North Freeway/Tomball Parkway continues to decelerate, with the year-over-year increase at only 1.9 percent. With 1.6 million square feet of industrial space under construction (representing 3.6 percent of inventory), rent growth and vacancies will likely undergo additional pressure from new supply (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: ZAF0040452)
