HOUSTON – (Realty News Report) – Hallmark Floors acquired a newly constructed 170,476-SF distribution center near Pasadena and the Port of Houston.
“Ideally located near the Port of Houston, we will be able to better serve our distributors and dealers east of the Rockies,” said Tony Pan, Chairman of Hallmark Floors.
The distribution center, 730 Genoa Red Bluff Road, is located west of the Gulf Freeway near the Sam Houston Tollway.
“With this year’s economic changes, companies are taking a closer look at their supply chains and this front-load distribution center represented a strategic opportunity to be closer to consumers and manufacturing locations,” said CBRE’s Wynne. “Vigavi developed the distribution center recognizing a strong user demand for high-quality industrial assets in the Houston market.”
The buyer, Hallmark Floors, was represented by David Buescher and Louis Tomaselli with JLL.
“We are pleased to have completed the development and sale of Southeast Distribution Center, which successfully weathered the onset of COVID-19 at critical stages of the project and transaction, thanks to our committed and capable team and partner companies,” stated Luis Villarreal, Vigavi’s Managing Principal.
Based in Houston, Vigavi has been investing and developing industrial in Houston for the past decade. Vigavi recently expanded its core focus within industrial from single-tenant business parks to institutional-grade distribution assets, which are larger in scale. Vigavi has acquired land positions in several of the major industrial submarkets and has another 700,000 SF of development planned in the near term.
Burton Construction acted as the general contractor on the Hallmark Floors project. Powers Brown served as the architect and WGA was the civil engineer. Construction financing was provided by Amegy Bank.
June 9, 2020 Realty News Report Copyright 2020