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9/17/18
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A 447.6k sf industrial property in Houston was acquired by a family investment entity involved in a 1031 exchange. The property, located at 13770 Industrial Rd, was sold by Houston-based Hines.
The asset consists of nine buildings on 41.53 acres. It was fully leased at the time of sale to Houston-based AFGlobal Corporation. AFGlobal is a technology and manufacturing specialist, providing services and fully integrated manufacturing capabilities to clients around the world.
The property is located within the 650-acre Greens Port Industrial Park on the Houston Ship Channel. Greens Port is the largest private multi-tenanted industrial park in the Gulf Coast market.
Dynamic growth in this submarket has largely been driven by the billions of dollars of ongoing investment in petrochemical plant and refinery expansions, along with the sustained high volume of container traffic within Houston’s port. The submarket, as well as the industrial park specifically, benefits greatly from Houston’s constant demand for rail and water access, which is used for heavy dimensional shippers, metal and steel manufacturing, as well as the plastics and petrochemical industries.
Stan Johnson Company’s Todd Moore represented the seller in the deal. The price was not disclosed.
“The quality of the location and attractive lease structure, along with excellent market fundamentals, drove demand for this asset,” said Moore. “We were able to secure multiple offers from institutional and private capital geographically dispersed across the country. Hines did an excellent job structuring an attractive lease on great real estate which ultimately drove value for this asset.”
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