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Houston, TX

Allied Stone

Address:
2200 Lauder Road, Houston, TX 77039
Property Type:
Single Tenant
Price:
Submit Offer
Square Feet:
100,000 sqft
Lot Size:
14.1 acres
Year Built:
1984
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Investment Highlights

Investment Highlights

Investment Highlights

  • Property Sits with Proximate Access to North Sam Houston Parkway, Hardy Toll Road, North Freeway, Loop 610 North and Eastex Freeway
  • Tenant in Place with Allied Stone, Inc. a Company of Strong Financial Standing
  • Upcoming Renewal Option at Fair Market Value for Increased Return
  • Below-Market Rent and Tight Market Vacancy Creates Increased Demand
  • (2) 10-Ton and (2) 5-Ton Bridge Cranes (50’ Spans)
  • Heavy Power at 480 Volt, 3-Phase, 3,000 Amps for Variety of Tenant Potential

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2200 Lauder Road in Houston, Texas, leased to Allied Stone, Inc. The subject property consists of approximately 100,000 square feet of warehouse space and is situated on 14.1 acres of land. The asset features two 10-ton bridge cranes and two 5-ton bridge cranes, that span 50’. Equipped with 3-phase heavy power, 480 volts, and 3,000 amps, the warehouse can be used for a variety of tenant uses. The property has proximate access to multiple thoroughfares, including North Sam Houston Parkway, Hardy Toll Road, Interstate 45 (North Freeway), Interstate (Loop) 610, and Interstate 69 (Eastex Freeway).

The current triple-net lease is set to expire during Fall 2023. With one 5-year renewal option at fair market value in place, investors have an opportunity to increase returns immediately as market conditions remain tight, and current rent is priced well below the average market rate. Founded in 1999, Allied Stone is a leading provider of luxury stone and cabinetry solutions. Allied Stone has an estimated annual revenue exceeding $100 million and has four locations throughout Texas and one in Oklahoma.

The subject property is situated within Houston’s North Outer Loop industrial submarket. With two intermodal stations and an international airport located within proximity of North Outer Loop, the submarket is primely positioned to facilitate the distribution of goods. Like the overall market, North Outer Loop absorbed the largest amount of industrial space annually on record through the first quarter. As a result, the vacancy rate on comparable properties to the subject asset (100,000 square feet and above) dropped to about 6 percent during this time. With supply tightening, the annual market rent growth for comparable properties jumped to a 20-year high of 5.7 percent during Q1.

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 and 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. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0040102)