HOUSTON – (Realty News Report) – Denver-based EverWest Real Estate Investors has entered the Houston mid-sized industrial market with the $8.75 million acquisition of a 109,000-square-foot warehouse facility near the Port of Houston.
The property is located less than four miles from Barbours Cut Terminal and approximately 4.5 miles from Bayport Container Terminal. It is the most recent warehouse project completed in the area following an industrial development moratorium imposed by the city of La Porte.
Mark Bigarel, EverWest’s senior vice president and head of acquisitions, led the transaction on behalf of EverWest. The seller and developer, Phelan-Bennett Development, was represented in the sale by its Southwest regional partner, Justin Bennett.
The building, located at 1301 S. 16th St. in La Porte, features 28-foot clear ceiling heights, making it well suited to a range of industrial, distribution and light manufacturing uses.
Warehouse Demand at Port Houston
“This acquisition reflects EverWest’s ongoing ability to source and complete off-market investments in high-demand locations,” said Bigarel. “The property is well positioned to serve port-driven demand from small and mid-size users.”
EverWest has retained Colliers International broker Judd Harrison to handle leasing for the facility.
The transaction reinforces EverWest’s active investment strategy in U.S. industrial real estate. During 2020, the firm expanded its industrial portfolio with acquisitions across key metro areas, including Seattle, Nashville, Denver, Miami and Southern California.
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a Denver-based real estate investment and operating company focused on acquiring and managing institutional-quality properties.
EverWest also owns a 136,800-square-foot office building in West Houston at 8101 W. Sam Houston Parkway South.
Dec. 22, 2020 Realty News Report Copyright 2020
File: EverWest Acquires Houston Building for $8.75 Million. La Porte. Judd Harrison, Phelan-Bennett Development.
File: (2) EverWest Acquires Houston Building in La Porte. GWL Realty. Barbours Cut