Hines recently announced it has acquired a Class A, 2.2 million-square-foot industrial facility located near the Port of Houston in LaPorte, Texas. The Houston-based company purchased the Underwood Distribution Center from BlackRock. Though financial details have not been officially disclosed, Yardi Matrix data shows that Hines Interests acquired the facility as part of a $155 million portfolio transaction, which also included industrial space at Underwood Business Park. The sale was funded by an $80 million, 7-year loan held by Jackson National Life Insurance Co.
The Underwood Distribution Center consists of a five-building logistics park in the heart of Houston’s southeast market, plus three development parcels that Hines intends to make good use of. The company’s first undertaking is Building 6, which is expected to be a 167,000-square-foot front-load distribution building, once completed in this year’s fourth quarter. The existing five buildings at the site are fully occupied, with tenants including CRC, DNow, GIS, Northern Safety, Packwell and PolyOne. Upon taking over ownership of the property, Hines rebranded the facility as “Independence Logistics Park.”
“We have been targeting the southeast market for some time, and this opportunity presented a good match for our recently expanded industrial investment platform,” Hines Senior Managing Director Palmer Letzerich said in a statement.
“With Pinto Business Park in the north, Beltway Southwest in the southwest and now Independence Logistics Park in the southeast, we are happy with our continued growth in Houston,” added Charlie Meyer, managing director with Hines.