HOUSTON – Ellington Trade Center, a large Houston industrial project poised to benefit from future space travel, across the street from Ellington Field in southeast Houston, has been sold to Lincoln Property Co., through its investment advisory affiliate, Lincoln Advisory Group.
The property is located across the street from Ellington Field airport which was recently approved by the Federal Aviation Administration as a launch site for future space plane fights.
Ellington Trade Center is a three-building industrial project totaling 513,800 square feet. The property also has 18.23 acres of developable land.
Holliday Fenoglio Fowler, L.P. (HFF) represented the seller, a partnership between KDC and Harbert Real Estate Fund III, LLC (HREF III.
The project is situated on more than 36 acres at 12552, 12554 and 12556 Highway 3 in Houston’s Southeast submarket. NASA’s Johnson Space Center is located in southeast Houston.
The asset is just south of the intersection of Interstate 45 and Sam Houston Tollway (Beltway 8) and proximate to the Port of Houston. The 98.6-percent-leased center is home to national and local tenants, including FedEx, Lennox Industrial, Goodman Distribution, SCP Distributors, E&G, Patrician Window Coverings and Houston Chronicle Publishing. Ellington Trade Center features 24’ and 28’ minimum clear heights, dock high configuration, 200’ shared truck courts and 18.23 acres of developable land for a potential future industrial property.
HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.
“We are happy to announce the closing of this transaction after completing a targeted marketing effort on behalf of our seller,” Agnew said. “Lincoln Advisory Group recognized the upside potential that the offering presents via the development tract as well as the rent roll of tenants that need to be at this location in order to service the expanding population base on the south and southeast sides of Houston.”
KDC is headquartered in Dallas and has offices in Atlanta, Houston, Texas and Charlotte, North Carolinas.
HREF III is sponsored by Harbert Management Corporation (HMC), an alternative asset management company which manages $4.4 billion in assets.
August 18, 2016 Realty News Report Copyright 2016