06/14/2021 | Press release | Distributed by Public on 06/14/2021 08:51
HOUSTON, June 14, 2021 -JLL Capital Markets announced today that it has closed the sale of a newly constructed, fully leased, three-building, Class A industrial portfolio totaling 738,701 square feet near the Port of Houston in Pasadena and Deer Park, Texas.
JLL marketed the portfolio on behalf of the seller, Triten Real Estate Partners, and affiliates of Lexington Realty Trust purchased the portfolio.
The 44.6-acre portfolio comprises Bayport North Logistics Center I (9701 New Decade) and Bayport North Logistics Center II (4100 Malone) in Pasadena and Underwood Port Logistics Center (4660 Underwood) in Deer Park, all within Houston's Southeast Industrial submarket. This prime logistical location places the portfolio within six miles from the Port of Houston, providing key access to the Barbours Cut and Bayport Container Terminals.
The portfolio was completed in 2019 and features tilt-wall construction, clear heights ranging from 30 to 36 feet, 175 dock-high doors, 10 drive-in ramps, ESFR fire protection, LED lighting, 1.2% office finish, 262 trailer parking stalls and 399 car parking spaces. The single-tenant buildings are occupied by top-tier trucking and logistics companies.
'We were pleased to be able to accommodate tenant demand propelled by Houston's population boom and recent supply chain disruption by delivering high-quality product within immediate proximity to Houston's container ports,' said Will Hedges, Managing Partner for Triten Real Estate Partners. 'The entire team did an exceptional job navigating the market from the design and construction teams to our leasing team and JLL's execution.'
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Directors Trent Agnew and Rusty Tamlyn, Director Charles Strauss and Analyst Katherine Miller.
'This portfolio was well received by investors, as it allowed them to gain scale in a submarket within Houston that continues to see tremendous tenant demand and has true barriers to new supply with a lack of available land south of the Ship Channel,' said Agnew. 'We received nearly 20 offers from a wide variety of capital sources, and, ultimately affiliates of Lexington Realty Trust emerged as the buyer.'
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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