Newmark announces the 656,658-square-foot lease of 1401 Rankin Road in North Houston for the new Conn’s HomePlus (NSDAQ: CONN) Houston distribution center. The agreement will undoubtedly be one of the largest industrial lease transactions completed in the Houston area in 2018. Conn’s HomePlus was represented by Newmark’s Rob Stillwell and Chris Malherbe in the lease transaction.
Liberty Property Trust (NYSE: LPT), an owner and manager of 7.8 million square-feet of space in 63 buildings in metropolitan Houston, is the owner and developer of Central Green Distribution Center, the 656,658-square-foot distribution center at 1401 Rankin Drive in North Houston, located within minutes of George Bush Intercontinental Airport.
“The new distribution center will support the growth of Conn’s HomePlus retail business and represents a strong synergy between LPT (developer to tenant) and Conn’s HomesPlus for a 100 percent prelease of space,” stated Hans Brindley, Liberty Property Trust vice president and Houston market leader.
Situated on just over 36 acres, the new 656,658 square-foot distribution facility will serve as a warehouse, distribution, clearance and customer pick-up center. The LEED® certified state-of-the-art cross-dock building will feature 36’ clear height, 133 9’ x 10’dock doors and a 500’ building depth.
“This transaction is significant, not only to Conn’s HomePlus and Liberty Property Trust, but also to the market overall,” explained Rob Stillwell, Newmark executive managing director, who represented the brand in site selection and build-to-suit consultative services, along with Chris Malherbe, Newmark senior managing director. “At over 650,000 square feet, this transaction will be the largest lease within the Houston industrial market in the past year, and one of the most impactful since 2016. This transaction also takes advantage of the Houston market’s demand for distribution centers to follow rooftops, as consumers consistently look to fulfillment speed as a key factor for their major online and in-store purchases.”
Newmark research notes that this lease transaction is not only one of the largest industrial leases in the Houston market for 2018, in terms of the North Houston submarket, the Conn’s HomePlus lease represents nearly half of the quarterly average leasing activity for the submarket over the past eight quarters.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”) (NASDAQ: BGCP), a leading global brokerage company servicing the financial and real estate markets.
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