CenterPoint Properties has purchased six buildings, occupied by Exel Logistics, in Houston, for $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,” said James Clewlow, CenterPoint’s chief investment officer, in a written statement. “From the agreement of terms to the closing, the transaction was completed in less than 30 business days.”
The six buildings, totaling 1 million square feet situated on 42.85 acres, are rail-served and located less than 25 miles to the Port of Houston. They are also nearby Interstate 10 and I-610, as well as Union Pacific’s intermodal facilities.
“This was an opportunity for CenterPoint to acquire intermodal proximate, rail-served buildings, directly adjacent to substantial rail infrastructure,” added Chad Vande Zande, CenterPoint’s senior vice president of investments. “The campus is ideally suited to support the growing plastic resin industry.”