{"id":7613,"date":"2017-04-03T09:25:52","date_gmt":"2017-04-03T09:25:52","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=7613"},"modified":"2026-04-07T14:50:23","modified_gmt":"2026-04-07T11:50:23","slug":"hines-expands-houston-footprint-2-2m-sf-industrial-buy","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/hines-expands-houston-footprint-2-2m-sf-industrial-buy\/","title":{"rendered":"Hines Expands Houston Footprint with 2.2M SF Industrial Buy"},"content":{"rendered":"

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<\/a>. The Houston-based company purchased the Underwood Distribution Center from BlackRock. Though financial details have not been officially disclosed, Yardi Matrix<\/a> 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<\/a>. The sale was funded by an $80 million, 7-year loan held by Jackson National Life Insurance Co.<\/p>\n

\"UnderwoodUnderwood Distribution Center I (YardiMatrix)<\/span><\/a><\/div>
\"UnderwoodUnderwood Distribution Center I (YardiMatrix)<\/span><\/a><\/div>
\"UnderwoodUnderwood Distribution Center I (YardiMatrix)<\/span><\/a><\/div><\/div>
<\/span><\/span><\/div>
<\/div><\/div><\/div>\n

The Underwood Distribution Center<\/a> consists of a five-building logistics park in the heart of Houston<\/a>\u2019s southeast market, plus three development parcels that Hines intends to make good use of. The company\u2019s first undertaking is Building 6, which is expected to be a 167,000-square-foot front-load distribution building, once completed in this year\u2019s 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 \u201cIndependence Logistics Park.\u201d<\/p>\n

\u201cWe have been targeting the southeast market for some time, and this opportunity presented a good match for our recently expanded industrial investment platform,\u201d Hines Senior Managing Director Palmer Letzerich said in a statement.<\/p>\n

\u201cWith Pinto Business Park<\/a> 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,\u201d added Charlie Meyer, managing director with Hines.<\/p>\n

By Ioana Neamt<\/p>\n

Head over to CommercialCafe<\/a> for more of Houston’s commercial real estate<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":529,"featured_media":7616,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,41],"tags":[],"class_list":["post-7613","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-industrial","wpautop"],"acf":[],"yoast_head":"\nHines Expands Houston Footprint with 2.2M SF Industrial Buy - 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