CBRE Secures 120,252-SF Industrial Lease in Houston

CBRE facilitated a new 120,252-sq.-ft. industrial lease at Fairbanks Northwest Distribution Center in Houston, Texas to Pro Parts, an auto parts supplier.

Jason Dillee, Greg Holmes and Savannah Smith with CBRE represented the landlord, Triten Real Estate Partners, in lease negotiations.

Fairbanks Northwest Distribution Center is a newly constructed two-building, 357,570-sq.-ft. Class-A warehouse distribution center located on 24-acres. Building 1 is a 194,780-sq.-ft. cross dock facility with 36 dock doors, four ramps, 32-foot clear heights and ample parking. Building 2 is fully occupied. The site has easy access to Highway 290, located less than three miles away, and Beltway 8.

“Having all parties fully engaged allows us to work efficiently and achieve the ideal balance in a transaction,” said Will Hedges, partner with Triten Real Estate Partners. “By working closely with our CBRE team and tenant rep broker, Greg Egan, we successfully navigated the process and finalized the deal within a few weeks."

This lease brings the project to 80% occupancy, with only 74,528 sq. ft. remaining available for lease.

“Location and timing were key considerations for the tenant in their search for a new site to relocate their Houston operations,” said Jason Dillee, senior vice president with CBRE. “Partnering with Triten allowed us to move quickly to facilitate a smooth lease execution and meet the tenant’s needs.”

According to CBRE’s Q3 2024 Industrial MarketView, the Houston industrial market posted another consecutive quarter of strong net absorption driven by steady tenant demand. Absorption reached nearly 6.2 million sq. ft. for the quarter and over 11 million square feet for the year. Houston continues to be one of the strongest industrial markets in the country with overall absorption expecting to be above historical rates for the fourth consecutive year.