HOUSTON – (Realty News Report) – Hallmark Floors has acquired a newly constructed 170,476-square-foot distribution center near Pasadena and the Port of Houston.
Nathan Wynne and Cape Bell of CBRE represented the seller, Vigavi SEDC, LLC.
“Ideally located near the Port of Houston, we will be able to better serve our distributors and dealers east of the Rockies,” said Tony Pan, chairman of Hallmark Floors.
The distribution center at 730 Genoa Red Bluff Road sits west of the Gulf Freeway and near the Sam Houston Tollway, providing convenient access to major transportation routes serving the greater Houston region.
“With this year’s economic changes, companies are reassessing their supply chains, and this front-load distribution center represented a strategic opportunity to be closer to consumers and manufacturing locations,” said Wynne. “Vigavi developed the distribution center in response to strong user demand for high-quality industrial assets in the Houston market.”
Hallmark Floors was represented in the acquisition by David Buescher and Louis Tomaselli of JLL.
“We are pleased to have completed the development and sale of Southeast Distribution Center, which successfully navigated the onset of COVID-19 during critical stages of the project and transaction, thanks to our committed and capable team and partner companies,” said Luis Villarreal, Vigavi’s managing principal.
Based in Houston, Vigavi has invested in and developed industrial properties across the region for the past decade. The company recently expanded its focus from single-tenant business parks to larger, institutional-grade distribution assets. Vigavi has acquired land positions in several major industrial submarkets and has another 700,000 square feet of development planned in the near term.
Burton Construction served as general contractor for the Hallmark Floors project. Powers Brown was the architect, WGA served as civil engineer, and construction financing was provided by Amegy Bank.
June 9, 2020 Realty News Report. Copyright 2020.