HOUSTON – (Realty News Report) – Lexington Realty Trust has acquired a newly constructed, fully leased, three-building Class A industrial portfolio totaling 738,701 square feet near the Port of Houston, located in Pasadena and Deer Park.
JLL Capital Markets marketed the portfolio on behalf of the seller, Triten Real Estate Partners.
The 44.6-acre portfolio includes Bayport North Logistics Center I (9701 New Decade) and Bayport North Logistics Center II (4100 Malone) in Pasadena, and Underwood Port Logistics Center (4660 Underwood) in Deer Park. All three properties sit within Houston’s Southeast Industrial submarket, an ideal logistics hub situated within six miles of the Port of Houston and providing direct access to the Barbours Cut and Bayport Container Terminals.
“We were pleased to be able to meet tenant demand driven by Houston’s population growth and recent supply chain shifts by delivering high-quality product in immediate proximity to Houston’s container ports,” said Will Hedges, Managing Partner at Triten Real Estate Partners.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Directors Trent Agnew and Rusty Tamlyn, along with Director Charles Strauss and Analyst Katherine Miller.
“This portfolio attracted strong interest from investors because it offered scale in a submarket that continues to experience robust tenant demand and faces genuine barriers to new supply, including limited land availability south of the Ship Channel,” said Agnew. “We received nearly 20 offers from diverse capital sources, and affiliates of Lexington Realty Trust ultimately emerged as the buyer.”
New York–based Lexington Realty Trust (NYSE: LXP) is a publicly traded real estate investment trust focused on single-tenant industrial properties across the United States.
Completed in 2019, the portfolio features tilt-wall construction and clear heights ranging from 30 to 36 feet, meeting modern distribution and logistics requirements.
June 15, 2021 — Realty News Report. Copyright 2021.
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Photo: Courtesy JLL
File: Triten. JLL Capital Markets. Lexington REIT Buys Warehouses Near Houston Port. Triten.