HOUSTON – (Realty News Report) – Lexington Realty Trust has acquired a newly constructed, fully leased, three-building, Class A industrial portfolio totaling 738,701 SF near the Port of Houston in Pasadena and Deer Park.
JLL Capital Markets marketed the portfolio on behalf of the seller, Triten Real Estate Partners.
The 44.6-acre portfolio comprises Bayport North Logistics Center I (9701 New Decade) and Bayport North Logistics Center II (4100 Malone) in Pasadena and Underwood Port Logistics Center (4660 Underwood) in Deer Park, all within Houston’s Southeast Industrial submarket. This prime logistical location places the portfolio within six miles from the Port of Houston, providing key access to the Barbours Cut and Bayport Container Terminals.
“We were pleased to be able to accommodate tenant demand propelled by Houston’s population boom and recent supply chain disruption by delivering high-quality product within immediate proximity to Houston’s container ports,” said Will Hedges, Managing Partner for Triten Real Estate Partners.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Directors Trent Agnew and Rusty Tamlyn, Director Charles Strauss and Analyst Katherine Miller.
“This portfolio was well received by investors, as it allowed them to gain scale in a submarket within Houston that continues to see tremendous tenant demand and has true barriers to new supply with a lack of available land south of the Ship Channel,” said Agnew. “We received nearly 20 offers from a wide variety of capital sources, and, ultimately affiliates of Lexington Realty Trust emerged as the buyer.”
New York-based Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust focused on single-tenant industrial real estate investments across the United States.
The Triten portfolio was completed in 2019 and features tilt-wall construction, and clear heights ranging from 30 to 36 feet.
.June 15, 2021 Realty News Report Copyright 2021
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Photo: Courtesy JLL
File: Triten. JLL Capital Markets. Lexington REIT Buys Warehouses Near Houston Port. Triten.