HOUSTON – (Realty News Report) – Exan Capital, a Miami-based real estate investment firm, has acquired a 1 million-square-foot Amazon fulfillment center in Brookshire, west of Houston.
Amazon has been undertaking a nationwide construction push with more than 1,000 distribution facilities under development. The COVID-19 pandemic accelerated the shift to e-commerce as consumers increasingly preferred online shopping to limit exposure to the virus.
Built in 2018 by Indianapolis-based Duke Realty, the facility sits just off the Katy Freeway. Duke Realty, a real estate investment trust (REIT), focuses on industrial properties and developed the Brookshire site to meet growing logistics needs.
JLL Capital Markets represented the seller, a publicly traded REIT, in marketing the property and arranged the five-year, fixed-rate acquisition loan with New York Life Insurance Company on behalf of the buyer.
The fulfillment center occupies 84 acres at 31555 Highway 90 in Brookshire, a western Houston suburb roughly 38 miles from downtown in Waller County. Plans for the facility were first reported in March 2017 by local industry coverage.
Approximately 1,600 Amazon employees are based at the Brookshire site. The modern distribution center offers 36-foot clear heights, LED lighting, ESFR fire protection systems, 100 dock-high doors, a deep truck court, two drive-in doors, extensive trailer parking and abundant employee parking. As a mission-critical location for Amazon, the site enables the company to serve more than 10.5 million residents across the Houston, Austin and San Antonio markets from a single distribution point.
The JLL Capital Markets Investment Advisory team representing the seller included Managing Director Trent Agnew, Senior Managing Director Rusty Tamlyn, Director Charles Strauss and analysts Tom Weber and Jack Britton. Exan’s acquisition team was led by Partner Ignacio Gil-Casares and Vice President of Investments Arturo Vinueza.
JLL’s Capital Markets Debt Placement team that worked on the financing for the new owner was led by Senior Managing Director Colby Mueck, Senior Director Michael Johnson and Analyst Molly Leinsdorf.
“This transaction reflects ongoing investor demand for industrial real estate tied to e-commerce,” said Agnew.
The pandemic and related stay-at-home measures have intensified e-commerce growth and increased demand for warehouse space nationwide. Industry projections anticipate substantial growth in online sales over the coming years, which in turn will drive further demand for industrial logistics facilities.
Exan Capital is an independent real estate fund manager providing asset management services, primarily active in major U.S. gateway markets and select European cities. Founded in 2013, the firm is headquartered in Miami with a regional office in Madrid, Spain.
Exan is focused on expanding its portfolio by acquiring single-tenant office and industrial properties leased to investment-grade tenants in strategic U.S. markets. This Brookshire acquisition was the second for the vehicle in 2020, following a July purchase of an office building in San Jose, California.
Jan 19, 2019 Realty News Report Copyright 2021
File: Huge Amazon Warehouse Sold
Photo: Courtesy JLL
File: (2) Huge Amazon Warehouse Sold in Waller County. JLL Capital Markets. Trent Agnew. Rusty Tamlyn.