Marcus & Millichap is pleased to present the opportunity to acquire the property located at 519 Durham Drive in Houston, Texas, occupied by the current owner, Signarama. The subject property consists of approximately 10,197 square feet of warehouse space and is situated on 0.32 acres of land. The two-building asset features two drive-in doors and metal construction with a masonry facade. Located three miles from Downtown Houston, the property has direct access to a daily average of over 18,250 vehicles that travel along Durham Drive (Landvision) . Upon the sale of the property, Signarama will vacate the property, offering buyers an owner-user, lease-up, or infill redevelopment opportunity.
The subject property is located within Southwest Inner Loop, a relatively small industrial submarket containing 6.7 million square feet. Positioned adjacent to Houston’s business district, 57 percent of the inventory is sized at 50,000 square feet and smaller. At the midway point of 2024, the vacancy rate sat at 8.3 percent after industrial demand dipped slightly into negative territory again in Q2. Although availability in Southwest Inner Loop is above the nationwide average, vacancies have bucked the recent national trend, falling by 100 basis points since the start of 2023. At 2.4 percent, the annual rent growth in Q2 slipped below the decade’s average. With no industrial spaces under construction, rent growth and vacancies in Southwest Inner Loop will largely be dependent upon demand 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. © 2024 Marcus & Millichap. All rights reserved. (Activity ID: ZAF0040192)
