Pagewood, a Houston-based commercial real estate firm founded by Paul Coonrod, has broken ground on its first new industrial development in the growing region for industrial projects along the U.S. 290 corridor northwest of Houston.
Pagewood acquired 63 acres of land at the southwest corner of U.S. 290 and FM 2920 in Waller in April from an undisclosed seller, according to Coonrod.
The Great 290 Distribution Center will consist of a 500,000-square-foot cross-dock building slated for completion in March 2023. The property is being marketed as a single-tenant building.
Site work for the project began this week.
Mortgage rates close in on 6%
Mortgage rates are inching closer toward 6 percent in the wake of the Federal Reserve’s recent aggressive actions to try to curb the highest levels of inflation seen in 40 years. Rising rates could add hundreds of dollars to a homebuyer’s monthly payments, making the possibility of purchasing an affordably priced home even tougher for the typical Houstonian.
The average rate for a 30-year fixed loan nudged up to 5.81 percent this week, slightly higher than last week’s 5.78 percent average rates, but more than two percentage points higher than the start of the year, according to the government-sponsored enterprise Freddie Mac. A survey this week of the nation’s largest lenders by Bankrate, a financial website, pegged the average rate for a 30-year mortgage closer to 5.91 percent.
Prospective home-buyers taking out a $352,000 loan today could expect to pay about $540 more in monthly mortgage payments compared with taking out the same loan during the first week of January, when average rates were about 3.22 percent, excluding insurance and taxes. In Houston, the median home price hit $351,000 in May while the average home price reached $440,670, according to Houston Association of Realtors.
Medical supply firm leases Katy facility
Isikel, a manufacturer and distributor of medical supplies, leased a new, 196,000-square-foot facility at 28350 West Ten Blvd. in Katy.
The site will be the manufacturing center for the company’s nitrile gloves and saline solutions, with the capacity to produce nearly 440 million gloves per year. Isikel recently secured a new credit facility from Cadence Bank to fund the expansion.
Valerie Vickrey, managing partner and co-founder of Katy-based Isikel, said the expansion reflects the firm’s commitment to supply-chain resiliency as demand for its medical supplies has nearly doubled in the last two years. Production is expected to begin this fall.
From staff reports