Ashley Furniture Signs Major Lease at Panattoni’s Airtex Industrial Center

Monday, March 15th 2010

Houston, TX–Ashley Furniture has leased 303,000 square feet within Panattoni Development Company’s first phase of Airtex Industrial Center in Houston, Texas. Panattoni kicked off development of the 60 acre project with the construction of a 486,720 sf Class A industrial facility located at 14810 North Freeway. The structure was shell complete in the Fall of 2009.

The Ashley Furniture lease brings the first phase of the project to 88% occupancy. Ashley was represented by Jeff Venghaus and Ryan Fuselier of Jones Lang LaSalle. Other tenants include: Velocity Acquisition I, represented by Stephen Hemphill of Mohr Partners; and Ozburn Hessey Logistics represented by John Talhelm and Ryan Fuselier of Jones Lang LaSalle.

Gary Mabray and Walker Barnett of Colliers Houston represent Panattoni with respect to the marketing of the project, and Justin Bennett represented Panattoni in all lease negotiations. Colliers also represents the developer with respect to the future phases of the project which include an additional 31 acres of land within Airtex Industrial Center, available for build-to-suit opportunities, or land sales.

According to Justin Bennett, Development Manager of Panattoni, “Airtex Industrial Center is very pleased to welcome Ashley Furniture as our newest tenant to the project. This transaction represents the strength and foresight of Ashley Furniture in its commitment to our facility, and it also further establishes Airtex Industrial Center as the premier location with respect to logistics and warehousing as well an identity along a major interstate. Both Jones Lang LaSalle and Colliers were instrumental in this deal, and the consummation of the same is evidence of their excellent advocacy and deal making abilities.” “We feel confident that the health and resiliency of the Houston marketplace will thrive in 2010. The flight to quality, highly functional product and sound ownership will be the hallmark of this cycle, and Airtex Industrial Center is poised to capture users seeking the same,” Bennett remarked.

Panattoni Development Company (PDC) is a privately held, full service development company founded in 1986. During the last five years, the firm has completed 75 million square feet of space worldwide. PDC has developed industrial, office and retail facilities in more than 200 markets. The firm is headquartered in Sacramento, California, and maintains offices throughout the United States, Canada and Europe.