Colliers International is pleased to announce the sale of Midstream Business Park, a 23,657 square foot flex building located at 2830 FM 565 in Mont Belvieu, Texas. The buyer, Kimberlee Partners LP, was represented by Hart Schleicher of Capital Real Estate Commercial, Inc. Judd Harrison and Jason Tangen of Colliers International represented the seller, Bellwether Interest, LLC, in the transaction.
Midstream Business Park is a fully leased, deed-restricted business park located in an ideal location in Mont Belvieu's petrochemical corridor. The property is situated off of the Grand Parkway extension, the scheduled construction in the area is to be completed in Spring 2022.
The Northeast Outlier office submarket is 94.5% occupied, 14.3% higher than Houston's average occupancy rate of 82.7%. The submarket has a historical annual rent growth rate of 2.3%.