- 2000 Wilson Road, Humble, TX 77396
- Property Type:
- Single Tenant
- Cap Rate:
- 6.95% cap
- Square Feet:
- 14,976 sqft
- Lot Size:
- 2.11 acres
- Price Per Square Foot:
- Year Built:
- Marine Urethane, Celebrating its 40th Anniversary, Provides Custom Molded Urethane Parts
- Excess Land is Currently Used as Income-Producing Outside Storage
- Upon Closing, Marine Urethane to Execute Five-Year Triple-Net Sale-Leaseback
- Tough Barrier-to-Entry Submarket, with 3.3% Vacancy on Comparable Properties
- 14,976-Square-Foot Single-Tenant Warehouse Situated on 2.11 Acres
- Located in Humble with Ease of Access to Interstate 69
- Within Five Miles of George Bush Intercontinental Airport
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 2000 Wilson Road in Humble, Texas, occupied by the current owner Marine Urethane. The subject property consists of approximately 14,976 square feet of manufacturing space and is situated on 2.11 acres of land. The asset features excess land currently used to produce additional income. Upon sale of the property, Marine Urethane will execute a five-year triple-net leaseback. Celebrating its 40th year in business, Marine Urethane is a leading innovator and manufacturer of molded urethane parts in the Houston market. Marine Urethane’s shop is strategically located five miles from the George Bush Intercontinental Airport, with easy access to Interstate 69.
The subject property sits within the Northeast Highway 90 submarket, containing a sizeable 26.3 million square feet of industrial space. Northeast Highway 90 is one of Houston’s most strategically located submarkets with close proximity to the George Bush Intercontinental Airport, contains a Union Pacific intermodal station, and four highways (Interstate 610 Loop, Interstate 69, the Sam Houston Tollway, and U.S. Highway 90). As a result, warehouse developers have flocked to the submarket in recent years to take advantage of the booming e-commerce industry. Even with the recent addition of large logistical companies, the submarket is still anchored by oil and gas-related tenants. Net industrial deliveries hit a record high in 2019 at 1.6 million square feet, and reached their second-highest level a year later. After trending below 3 percent for two decades, the new development caused the vacancy rate to shoot up to 11.5 percent last year, before receding to 7.1 percent during the second quarter. However, the vacancy rate on comparable properties to the subject asset sized under 100,000 square feet has remained low, currently sitting at 3.3 percent. With net absorption at historical highs, market rent growth has risen to a 20-year high of 5.6 percent (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.