Cushman & Wakefield Completes Sale of Houston Industrial Warehouse Property
Cushman & Wakefield has completed the sale of 6501 Navigation Blvd., a 303,000-square-foot warehouse facility set on 21 acres in Houston's Eastside industrial submarket. The commercial real estate services firm's Houston, Texas-based team of Jim Foreman and Beau Kaleel represented the seller, GSL Navigation SUB 34 LLC. The buyer, Quasar Navigation Ltd., was represented by NAI Houston.
The income-producing asset houses multiple tenants and was 85 percent occupied at the time of sale. "This property is very strategically located in one of the best-performing industrial submarkets in Houston," said Foreman. "Originally built by ReedHycalog as a drilling tool manufacturing and warehouse facility, the building later was converted to a more traditional distribution-type building."
6501 Navigation Blvd. is located near downtown Houston and the city's central business district. It also is in proximity to the Port of Houston, a 25-mile-long complex of diversified public and private facilities that has become a major point of international trade for the United States.
Outside storage is a sought-after amenity for many industrial tenants today, noted Foreman. "Most tenants have some kind of outside storage needs, whether for machinery, equipment or pipe and other such items. It is very rare to find an industrial property that encompasses this much outdoor acreage near both the Port and Houston's downtown business district."
Cushman & Wakefield's industrial brokerage platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis. In 2012 in the U.S. alone, this group completed more than 7,000 industrial real estate transactions - totaling 261 million square feet - with an aggregate value in excess of $8.43 billion.