Ocean Carrier Review
Pacific Northwest Ports
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CenterPoint announces portfolio acquisition in Houston, TX
CenterPoint Properties announces the closing on a one million square foot, six building acquisition in Houston, Texas, for a purchase price of $42.6 million. The seller, TA Associates, was represented by Trent Agnew and Rusty Tamlyn of HFF.
“This transaction proves our commitment to a thriving industrial market that serves our mission of investment in port, rail and intermodal-related facilities. We love the liquidity and stability of the market and we are thrilled to penetrate the Houston region,” stated CenterPoint Chief Investment Officer, James Clewlow. “From the agreement of terms to the closing, the transaction was completed in less than 30 business days.”
Each facility is fully occupied by Exel Logistics. The properties are rail-served and located less than 25 miles to the Port of Houston. This proves a significant transaction for the Houston industrial investment market.
“This was an opportunity for CenterPoint to acquire intermodal proximate, rail-served buildings, directly adjacent to substantial rail infrastructure,” stated CenterPoint Senior Vice President of Investments, Chad Vande Zande. “The campus is ideally suited to support the growing plastic resin industry.”
The assets are situated on 42.85 acres, located just off Interstate-10 and Interstate-610. The facilities are located in a primary transportation zone due to their proximity to the Union Pacific intermodals and the Port of Houston.
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