Ares Lands Full-Building Industrial Tenant in Houston
Safespill has inked a full building, 192,400-square-foot lease to occupy Ares Management’s Brittmoore Industrial Development, a Class A infill distribution facility in Houston. Transwestern Real Estate Services and Colliers represented the tenant and the owner in the leasing negotiations, respectively.
Ares purchased the asset from PinPoint Commercial last year, CommercialEdge information shows.
The fire-protection, flooring-system manufacturer will relocate from Evtex Cos.’ 54,352-square-foot industrial facility, which Safespill has leased fully since 2020.
Safespill is installing an extrusion line at its new headquarters. The addition will allow Safespill to extrude in-house, cutting costs and accelerating manufacturing for its military and commercial clients. The building will be fully operational in 2024’s fourth quarter.
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The Brittmoore facility features a front-load configuration, 32-foot clear heights, a build-to-suit office space of 2,959 square feet, a 60-foot speed bay and a 52- by 55-foot column spacing, as well as a 135-foot truck court and 128 parking spaces.
Located at 4510 Brittmoore Road, the property is some 4 miles south of U.S. Route 290, while downtown Houston is roughly 18 miles southeast. The Port of Houston and the George Bush Intercontinental Airport are within 27 miles. Safespill’s previous location is 22 miles southeast.
Transwestern Real Estate Services Executive Managing Director Brian Gammill alongside Managing Director Carter Thurmond led the leasing efforts on behalf of Safespill. Colliers Vice Chair & Director John Nicholson and Principal & Director Ryan Byrd together with Associate Trey Horne represented Ares Management.
Houston’s industrial demand retains momentum
Throughout 2024’s second quarter, metro Houston’s leasing activity amounted to 8.1 million square feet, according to a report by Cushman & Wakefield. Although the figure was in line with last year’s quarterly average—8.3 million square feet—it came up short compared to the 8.7 million square feet recorded in 2024’s first quarter.
Despite increasing for five consecutive quarters, Houston’s vacancy rate reached 6.7 percent in June, just below the five-year historical average of 6.9 percent, the same source shows.
The growth represented a 100-basis points increase year-over-year through June, which can be explained by the second quarter’s industrial deliveries that clocked in at 4.2 million square feet, the report shows. Of the completed space, 2.9 million square feet, or 68.6 percent, was vacant as of June.
Another industrial lease deal closed earlier this year at Jackson-Shaw’s 536,992-square-foot industrial project in Houston. Festival Trading Co. signed an agreement to occupy 168,893 square feet at the development.
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