BL Technology Incorporated
- 1730 South Cherry Street, Tomball, TX 77375
- Property Type:
- Single Tenant
- Square Feet:
- 16,500 sqft
- Lot Size:
- 10.1 Acres
- Year Built:
- 16,500-Square-Foot Class-A Office Warehouse Featuring Tilt-Wall Construction
- ± 8.18-Acre Lot Offers Significant Upside for Immediate Development
- Features 20’ Clear Height, 130-Kilowatt Backup Generator, and New Roof with 30-Year Warranty
- Occupied by BLTI: Leading Designer and Manufacturer of State-of-the-Art Control Systems
- BLTI Recently Acquired by Inframark, Nationwide Operator of Water and Wastewater Facilities
- High Growth Submarket with 7.5% Drop in Vacancy Rate Since 2021 (CoStar)
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1730 South Cherry Street in Tomball, Texas, fully leased to BL Technology Incorporated (BLTI). The subject property consists of approximately 16,500 square feet of flex space and is situated on 10.1 acres of land. The single-tenant asset features 12,100 square feet of class-A office space, tilt-wall construction, a clear height of 20’, a 130-kilowatt backup generator, three grade-level doors, and a newly replaced roof with a 30-year warranty. Approximately 8.18 acres of land are available for development, offering investors a value-add opportunity.
BLTI is signed to a triple-net lease that runs through March of 2027. For nearly 50 years, BLTI has been a leading designer, manufacturer, installer, and service provider of state-of-the-art control systems used in instrumentation, life safety solutions, and security solutions. The subject property serves as BLTI’s sole location and houses a specialized buildout. In 2022, BLTI was acquired by Inframark, LLC, an industry leader in the operations, maintenance, and management of water and wastewater facilities.
Located just 1.4 miles from Tomball Tollway, the subject property is primely situated within the North Freeway/Tomball Parkway submarket. The submarket contains a sizeable 41.6 million square feet of industrial space. Over the last decade, the submarket has experienced a rapid amount of growth as the inventory expanded by nearly 70 percent. Speculative builds pushed the vacancy rate up to 11.9 percent by the end of 2020 but strong demand drove vacancies back down to 4.4 percent by Q1 2023. While annual rent growth slowed down to 3.2 percent in Q1, it remains in line with the 10-year average. Going into the second quarter of the year, 1.14 million square feet of industrial space sat in the pipeline, representing a 2.7 percent expansion to current inventory levels and well off the highs seen in 2019 (CoStar). As construction activity continues to be curtailed by high construction costs and rising interest rates, new supply will have less of an impact on vacancies and rent growth in the North Freeway/Tomball Parkway submarket for the foreseeable future.
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.