Panattoni Development Co. Launches 643K SF Spec Industrial Project In Pasadena
A large spec industrial warehouse is headed to Pasadena.
Panattoni Development Co. and its equity partner, MetLife Investment Management, launched construction on a 643K SF industrial warehouse. Bayport South Business Park is at 10575 Red Bluff Road, Pasadena. Construction on the Class-A, cross-deck facility is slated to wrap up in Q1 2020.
Bayport South will feature a 36-foot clear height, 60-foot loading bay, 150 trailer storage parking spaces and 180 truck courts. The facility will also have four overhead doors with ramps and more than 330 car parking spaces.
“Bayport South represents an outstanding opportunity to continue our objective to develop strategically located projects in Houston’s key industrial submarkets,” Panattoni Development partner Todd King said in a release.
“The nearby Port of Houston container facilities, the Ship Channel, and the petrochemical complex are all critical national infrastructure components that make this area a great long-term investment.”
Demand in the southeast industrial submarket is driven by strong net absorption, construction activity and low vacancy. According to JLL's Q2 report, the submarket's vacancy was 4.9%, well below the market average. The citywide vacancy was 6.1% for the same quarter. Net absorption of 1.4M SF in southeast Houston was also by far the highest of any submarket in the metro.