- 828 Farm to Market 1960 Road, Houston, TX 77073
- Property Type:
- Single Tenant
- Cap Rate:
- Square Feet:
- 8,400 sqft
- Lot Size:
- 0.63 acres
- Price Per Square Foot:
- Year Built:
- Three-Year NNN Lease in Place With Defiant Engineering
- Strategically Located Industrial Warehouse With Proximate Access to Major Freeways
- 2015 Construction With 15 Free Concrete Parking Spaces
- Highly Functional Asset With 2 Grade-Level Doors With Both Office Space and Warehouse
- As Residential Areas Continue to Boom, So Will Desire for Industrial Warehouse Space
- Only 112,000 Square-Feet of Development Within Area, Meaning Property Will Be Sought After for Years to Come
- When Property Was Vacant, Space Was on Market for 1 Day
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 828 Farm to Market Road 1960 in Houston, Texas, leased to Defiant Engineering on a three-year triple net lease. The subject property consists of approximately 8,400 square feet of space and is situated on .63 acres of land. Constructed in 2015, the asset features two grade level doors and 15 free concrete parking spaces. The highly functional asset consists of office and warehouse space. The asset is strategically located with proximate access to major freeways, including Interstate 45 and the Hardy Toll Road.
The North Hardy Toll Road submarket has continuously expanded in recent years, particularly with the arrival of larger distribution tenants. In response to steady demand levels, investors have developed a number of speculative projects in the submarket over the last two years, pushing the vacancy rate from 4.8 percent in Q2 2019 to 13.4 percent in Q1 2021. However, demand remains resilient in North Hardy Toll Road, with the current vacancy rate falling back to 11.6 percent and projected to drop below 10 percent next year. Despite the relatively high vacancy rate, industrial rents continue to grow at 1.9 percent annually and should extend those gains as vacancies continue to fall. The North Hardy Toll Road submarket is ideally located between the heavily trafficked Interstate 45 and Sam Houston Tollway, fully encompassing the George Bush Intercontinental Airport. Since 2010, more than 80 percent of Harris County’s population growth has occurred in its unincorporated areas, the majority immediately to the west and increasingly to the east of the submarket
(CoStar). As the surrounding residential areas continue to boom, so will the desire for industrial warehouse space. With only 112,00 square feet of industrial development within proximity of the subject property, this asset will be sought after for years to come.
As the fifth most populous metro area in the U.S., Houston houses nearly 6.9 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.