Grand Parkway sparks sale of Pine Business Park

HOUSTON – The Pines Business Park, a 139,330-sf business park, was sold in December 2013. Pines comprises three light industrial buildings in north Houston at 26009 Budde Rd., just off of I-45.

Constructed in 2009 the property has suites ranging in size from 7,000 to 45,000 sf. At the time of the sale, the Class A buildings were completely leased.

The Grand Parkway is being credited with driving the transaction. The parkway will run from I-10 in Katy to US 290 to US 59 N. The road connecting Katy to Kingwood has been called a "game changer" by many real estate experts in Houston.

Houston had a vacancy rate of 5.3 percent, 1.8 million sf of net absorption and 7.8 million sf under construction as of fourth quarter 2013, according to CBRE Houston research.