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March 21, 2018
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Hines Acquires 2.2 msf Underwood Distribution Center in LaPorte, TX


Hines has acquired Underwood Distribution Center, a Class A industrial park located in the heart of the Southeast submarket near the Port of Houston in LaPorte, TX, from BlackRock. Financials on the deal were not disclosed.

The project consists of a five-building logistics park totaling 2.2 msf, plus three development parcels. Hines' first addition to the development will be Building 6, capable of a 167k sf, front-load distribution building with delivery slated for the fourth quarter of 2017.

The existing five buildings are 100 percent leased to tenants including CRC, DNow, GIS, Northern Safety, Packwell, PolyOne, among others.

Randy Baird, Judd Clements and Jim Foreman of Cushman Wakefield represented the seller in the transaction. Hines has renewed the leasing assignment for the park with Billy Gold, Gray Gilbert and Jeff Everist at CBRE.

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