Breaking News: Avera Launches Spec
Avera has started moving dirt on Imperial Distribution Center, a 711k SF spec industrial development near Bush Intercontinental. (Which is good news for the CRE market as well as any enemies of dirt.)
Cassidy Turley senior managing director John Nicholson(pointing to the location of buried treasure) and associate Nathan Wynne are marketing the project and tell us the first building (a cross dock facility) will deliver in Q1 14. Its slated to be 328k SF but is expandable to 611k SF. And that very well may happen; John tells us hes already talking to several groups about taking down the whole expanded building. He says hes getting lots of interest from third-party logistics groups, which may be interested in its access to 45 and Beltway 8 and proximity to the airport.
Phase 2 will be a 94k SF front load facility; itll break ground when the first property leases up. If Phase 1 remains at 328k SF, Avera will build a third building totaling 240k SF.
