Stag Industrial has bought a logistics facility of 462,250 square foot in Portnorth 59, a campus with two buildings in Humble, Texas, in the Submarkt of East Houston. JLL Capital Markets represented the seller, Phelan Bennett Development.
The class A Industrial Property is the second building of Portnorth 59, on 7491 Rankin Road. Completed during the fourth quarter of last year, it is on a 22 -hectare site, close to the Interstate 69. George Bush International Airport is nearby, while the center of Houston is 17 miles away.
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It includes 36-foot clear heights, four drive-in doors, 84 dock doors, 17,984 square foot office space, 231 parking spaces for vehicles and 101 parking spaces on the trailer. The building was developed as part of Portnorth 59, a development of 588,640 square feet on a 35 -hectare plot.
Both facilities reached full occupation by securing two tenants within five months of completion. Marsden Services occupies the facility on 7491 Rankin Road, according to Yardi Research Data. The first facility of Portnorth 59 comprises 126,480 square feet and is on 7473 Rankin Road.
The industrial footprint of Stag Industrial in Houston consists of 13 properties of a total of 2.3 million square feet. Most of these assets are class A, ranging from 68,300 square base to 289,200 square base. The company has purchased the facilities between 2013 and 2019, according to Yardi research data.
Senior director Trent Agnew, director Charles Strauss, director Lance Young and analysts Brooke Petzold and Dawson Hastings with JLL Capital Markets represented the seller.
Houston attracts industrial investors
The industrial sales volume of Houston Metro reached almost $ 1.1 billion from July, according to a recent Yardi Matrix Industrial Report. Houston Properties changed owner at an affordable price of $ 95 per square foot, making it one of the most affordable markets in the country. Under the top 25 of the American markets, the metro was sixth, with Dallas-Fort Worth the nation leads on sale, with a deal of $ 2.3 billion.
A number of important deals closed in the metro recently. One of these is the sale of Clay Development & Construction of Rosslyn Business Park, a heavily industrial active of 337,705 square meters. A joint venture between BlackTop Industrial Trust and an alternative investment firm has collected the property this month with 11 buildings.
Foxconn Corp. paid in June. $ 142 million for Fairbanks Logistics Park, an industrial park of 1 million square foot. The electronic manufacturer based in Taiwan is planning to invest $ 450 million in building an AI server factory.
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