(Houston, Tex. ‒ Jan. 29, 2015) Duke Realty Corporation’s (Duke Realty) Houston office completed several transactions in 2014 that stabilized occupancy and expanded Point North Cargo Park, its premier industrial park located immediately adjacent to the cargo area of Bush Intercontinental Airport. In addition to signing long-term leases that bring occupancy to 100 percent in two of its existing buildings in the park, Duke Realty also acquired a newly built, 250,660-square-foot, 100 percent preleased building and purchased 13.9 acres of adjacent land on which it will develop a 205,608-square-foot bulk industrial building that is 47 percent preleased.
“Since we delivered our first building in Point North Cargo Park in 2008, we have continued to see a great deal of interest from companies that want to be close to the airport,” said David Hudson, Senior Vice President of Duke Realty’s Houston operations. “With the transactions we completed recently, three tenants have secured their positions in the park for the long term. Plus, we have increased the size of Point North Cargo Park to more than 850,000 square feet with the ability to expand it to approximately 1.2 million square feet.”
The transactions at Point North Cargo Park include Duke Realty’s purchase of a recently constructed 250,660-square-foot bulk industrial building adjacent to Duke Realty’s existing Point North One and Two buildings in late December. The building will be known as Point North Four and is fully leased to K&K Express, LLC (K2).
In addition, Duke Realty purchased 13.9 acres of land next to the K&K building and will begin development of Point North Five, a 205,608-square-foot industrial building in February. Roadrunner Transportation Systems, Inc. (Roadrunner) has signed a lease for 97,344 square feet or 47 percent of the building.
Lease signings in 2014 include a long-term renewal and expansion by Geodis Wilson USA (Geodis), a global freight forwarder, for Point North One, a 158,940-square-foot building, located at 8210 Humble-Westfield Rd., which they have leased since 2009. In another transaction inked in late 2013, Amazon.com leased Point North Two, a 240,000-square-foot building located at 8120 Humble Westfield Road.
Point North Cargo Park is located just north of Houston and immediately east of George Bush Intercontinental Airport’s Cargo area. The Park also has convenient access to several major highways, including the Will Clayton Parkway, U.S. 59, and the Sam Houston Tollway, providing tenants with several transportation options.
Brokers involved in the Point North transactions include Caleb Lawson with Lawson Group, who represented the seller in the building and land acquisitions. In the lease transactions, John Gilbert with Gilbert Commercial represented Roadrunner and Pat Rollins with CBRE represented Geodis. David Hudson and Cory Driskill served as the representatives for Duke Realty.
About Duke Realty
In the greater Houston area, Duke Realty owns and manages nearly 4.4 million square feet of industrial, office and medical office properties, with strategic land positions available for future development. For information, call 713.353.3200.
Duke Realty owns, maintains an interest in or has under development approximately 153.2 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com. Duke Realty also can be followed on Twitter, LinkedIn, Facebook and YouTube.