A publicly traded European-based biotech manufacturer and distributor of krill oil products with an existing presence in the Houston market.
As production increased, storage capacity at the Client’s primary Houston facility was exceeded and additional warehouse space was required; however, several factors specific to the Client’s business made the space search more complex:
- Proximity to the current facility was important to reduce trucking costs between locations;
- The entire warehouse required climate control due to the Client’s product being stored in a low-humidity, room temperature setting; and
- Occupancy timing was ASAP to eliminate the ongoing rent expense of an existing offsite 3PL.
• Team assembly including specialty vendors and legal counsel
• Site search and evaluation of all prospective locations
• Created competition among landlords
• Cost estimates for building improvements
• Business terms and lease document negotiations
Shortly after engaging the Fritsche Anderson team, the Client signed a lease for a 67,485 SF climate-controlled warehouse space located within 15 minutes of their current facility. The rental rates achieved were 10% below market and the lease protects the Client from HVAC repair and replacement expenses.