Blackstone Affiliate Sells Houston Asset

CenterPoint Properties has expanded its logistics portfolio in the Houston area with the acquisition of a distribution facility in Pasadena, Texas. The seller was Link Logistics Real Estate, the U.S. industrial operating platform of Blackstone, according to CommercialEdge data.

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The 601,261-square-foot Class A distribution facility was developed on a 31-acre site that has rail service by Union Pacific, BNSF and Kansas City Southern through the Port Terminal Railroad Association. The property was built with 32-foot clear heights, ESFR sprinklers, 62 dock-high and 21 rail doors, trailer parking and outdoor storage space. According to CenterPoint, the facility also features six rail spurs, allowing it to provide more rail car storage capacity than most other rail-served buildings in the market. The property is 100 percent leased, according to CenterPoint.

Located at 3507 Pasadena Freeway, the distribution facility is near the intersection of Beltway 8 and Highway 225. The location is within 20 miles of downtown Houston as well as 12 miles from the Barbours Cut Container Terminal and 16 miles from the Bayport Terminal.

3507 Pasadena Freeway. Image courtesy of CenterPoint Properties

JLL Capital Markets’ Rusty Tamlyn, Trent Agnew and Charles Strauss brokered the transaction between CenterPoint and Link Logistics Real Estate.

Centerpoint’s national seaport strategy

Rives Nolen, CenterPoint’s senior vice president of investments, said in prepared remarks that the acquisition aligned with the company’s national port investment strategy.

”Our strategy is to invest in high-barrier markets near national ports and intermodal hubs,” Nolen told Commercial Property Executive. “The Houston acquisition is located near the Port of Houston’s container terminals and provides the tenant excellent access to rail service and highway connectivity.”

Nolen also told CPE that CenterPoint has been one of the most active seaport investors near the Ports of Seattle and Tacoma, Wash. He also told CPE that the company has closed on or is developing several other properties near the Ports of Los Angeles/Long Beach and Oakland Seaport in California, Port Everglades in Florida and Port Newark in New Jersey. In Florida, CenterPoint has recently acquired two metro Miami facilities leased to Home Depot.