Marcus & Millichap is pleased to present the opportunity to acquire the property located at 9130 Meadow Vista Boulevard in Houston, Texas. The subject property consists of approximately 9,951 square feet of warehouse space and is situated on 0.65 acres of land. The single-tenant asset features a clear height of 18’, three grade-level doors, masonry construction, and three-phase power. With the current lease set to expire in June 2024, this sale offers an owner-user opportunity and is ideal for shipping and distribution operations. Priced below replacement costs, the asset can also be acquired as a value-add investment opportunity with the ability to easily divide property into two units.
Located just off of Farm to Market Road 1960 (Cypress Creek Parkway), the property sits within the Highway 290/Tomball Parkway submarket, containing a sizeable 34.8 million square feet of industrial space. After a significant slowdown in 2022, demand rebounded nearly 40 percent last year with nearly 1.2 million square feet in net absorption. However, demand was outpaced by 2.3 million square feet of net deliveries, pushing the vacancy rate up 290 basis points to 9.7 percent. Among comparable properties under 25,000 square feet, availability remains historically tight at just 3.5 percent. Rent growth across Highway 290/Tomball Parkway bucked the national and local trend and accelerated to 6.2 percent in 2023. With no industrial properties under construction, vacancies and rents will be unaffected by new supply for the foreseeable future (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. © 2023 Marcus & Millichap. All rights reserved. (Activity ID: ZAE0040564)
