With increased demand for close-in space, Archway Properties is underway on a major renovation and repositioning of the newest addition to its mixed-use portfolio – a distribution/warehouse in North Houston.
Archway Properties will wrap up construction at the end of June at 300 Bammel Westfield Rd., a 29,250-sf former service center bought as a value-add play. The 2.3-acre property is situated one block from the Interstate 45-FM 1960 intersection, a strategic location for fulfilling a pressing need for last mile delivery of services and goods.
"Now more than ever, it's critical for businesses to be located within the last mile of delivery in their trade areas. Customers are shopping and seeking services much closer to their homes than they were three months ago," says Jason Smith, business development director of Houston-based Archway Advisors, the buyer's brokerage arm.
KCS Construction Services of Houston is demising and white-boxing the interior of the single-tenant project, keeping intact 950 sf of showroom space and opening up the balance of the structure to create "a nice slate for a user's future build-out," Smith says.
Archway Properties also has upgraded the building's electrical service. The parking lot has been resurfaced, restriped and configured for 60 vehicles with a section reserved for outside storage or additional parking if needed. The project features three loading docks, bay doors and a stand-alone wash bay.
The neighborhood includes retail, restaurant, industrial and multifamily properties as well as a 423-bed hospital, HCA Houston Healthcare Northwest. Close by are the Grand Parkway/TX 99, Beltway 8, Hardy Toll Road and I-45. The latest research shows the region's industrial market was the best-performing property sector in Q1, with distribution/warehouse space as the absorption leader.
Archway Properties had purchased the Bammel Westfield asset a few months ago in a pre-pandemic economy. The company primarily is a developer of large ground-up projects, spec space, buy-to-suit and build-to-suit properties. In laying the groundwork for its new holding,
Archway became one of the first in the market to commission Lamoureux's Expanse virtual tour software for an industrial property, a strategy that proved fortuitous in the wake of COVID-19. In the past month, there have been more than 100 views.
"It's a one of a kind in our portfolio," Smith says. "At more than 40 years old with a tenant vacating, Archway saw a great value-add real estate opportunity for a tired building with strong bones in a strong market for showrooms, building supply companies, service centers and distribution/warehouses."
About Archway Properties
With offices in Houston and Dallas, Archway Properties offers a broad range of real estate services to its clients and partners including acquisition, development, project management and asset management. Our principals have successfully completed projects with a total value in excess of $1 billion. For more information, please visit www.archwayprop.com.
