July 10, 2017
MEI Rigging and Crating LLC signed a long-term deal with Quasar Navigation Ltd. for 227,000 square feet of warehouse space at 6501 Navigation Blvd. in Houston. Clay Pritchett with NAI Partners represented landlord Quasar Navigation, while David Cartwright of B&C Capital negotiated on behalf of the tenant.
The 309,000-square-foot asset, formerly the Reed Tool Facility, sits on 21 acres. Pritchett said the MEI lease brings the property to 100% occupancy. The tenant, a third-party logistics company, will use the space to store products for clients.
“This property was one of the few large blocks of available warehouse space near the East Side industrial market, that was priced competitively to attract a quality tenant such as MEI,” Pritchett said. The asking rate was $0.29 per square foot, gross.
“The property’s private and local ownership were able to be more responsive with the terms than the institutional projects we were competing with for the tenant,” Pritchett said.
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