Lee & Associates – Houston Awarded Industrial Deal Of The Year
HOUSTON (February 25, 2020) – Lee & Associates – Houston, a nationwide leader in commercial real estate services, is proud to announce that Reed Vestal, Taylor Schmidt and John Erck won the prestigious NAIOP Houston’s 2020 “Industrial Deal of the Year” award for the sale transaction of Weiser Airpark.
Each year, NAIOP Houston honors the city’s top commercial real estate brokers for their achievements and outstanding qualities. This year’s annual awards ceremony was held on February 19th at River Oaks Country Club.
“Our team wakes up, eats, sleeps, walks, talks and strives to be the very best at what we do each and every day,” said Reed Vestal, principal and partner at Lee & Associates – Houston. “We are extremely thankful and blessed to have been apart of such a monumental deal. I am proud of this team achievement, and cannot wait for us to continue to build and grow together.”
Weiser Airpark was one of the most highly sought-after land sites in Houston, and this transaction represented the selling of one of the last, large contiguous land sites in Northwest Houston. Vestal and his team at Lee & Associates spent several years putting this deal together; he had been in communication with the Weiser family for quite some time, but it was not until early 2018 that the family decided to engage in the possibility of selling the property. After working months from an off-market perspective, exclusively with Reed and his team, the family decided to take the property to market.
The property had a great deal of developer interest, so it was important for Vestal to find a buyer group that would be the best fit for the property. Trammell Crow was the ideal candidate given the firm’s long history of building top-flight industrial spaces and their known ability to deliver. After strategically working every angle, Vestal and his team were ultimately able to strategically place their client in the best position possible and secured the deal.
Represented by Vestal, Schmidt and Erck of Lee & Associates, Dallas-based developer Trammell Crow Co., in partnership with New York-based Clarion Partners, closed on Weiser Airpark, a 102.3-acre airpark in Cypress, and a contiguous parcel of land, bringing the overall acquisition to 132 acres. Once fully developed, the industrial park will provide close to 2 million square feet of office-warehouse space, supporting new jobs and improving mobility with the creation of a new road to connect Fallbrook Drive to U.S. Hwy 290.
“This transaction will go down as one of the most highly sought-after industrial land sites in the last decade,” said Vestal. “It will contribute to the growth of the submarket and add momentum to the development of the area.”
About Lee & Associates – Houston:
Lee & Associates – Houston is a fully-integrated, commercial real estate company with unrivaled capabilities and an unwavering dedication to integrity. Our business-minded brokers specialize in office, industrial and land real estate investments. As the fastest-growing, broker-owned firm in the nation, with more than 60 office locations in North America, we are uniquely qualified to support our clients’ real estate needs in the local, national and international markets. For more information, visit www.lee-associates.com/houston/.