CenterPoint Acquires Rail-Served Distribution Facility in Houston

CenterPoint Properties purchased a 601,261-square-foot building on 31 acres at 3507 Pasadena Freeway in Pasadena, Texas. The Class A building has a rare combination of rail service by Union Pacific, BNSF and Kansas City Southern via the Port Terminal Railroad Association (PTRA), abundant rail car capacity, outdoor storage space and strategic port and highway access. Rusty Tamlyn, Trent Agnew and Charles Strauss of JLL Capital Markets brokered the transaction between CenterPoint and Link Logistics Real Estate. The property has numerous amenities that make it ideal for regional distribution. The building has six rail spurs giving it more rail car storage capacity than most rail-served buildings in the market. It also features a 32-foot clear-height, ESFR sprinkler system, 62 dock-high and 21 rail doors, outside storage and trailer parking. “There are few buildings in the Houston market that can compare to this facility,” said Rives Nolen, CenterPoint senior vice president, investments. “The asset aligns extremely well with CenterPoint’s national port investment strategy.” The Pasadena Freeway property is less than 20 miles from downtown Houston, but its location advantage centers on its prime access to the petrochemical industry, regional highways and the Port of Houston’s container terminals. Barbours Cut Container Terminal is 12 miles away from the property, and Bayport Terminal is 16 miles away. The Port of Houston is the nation’s top-ranked port in total waterborne tonnage, foreign waterborne tonnage and vessel transits. It’s the sixth-largest container port in the country and the fastest-growing among the top 10. Port-area industrial demand is on the rise recently, and leasing activity is expected to remain strong in 2021. “The rail service, tremendous storage and adjacent transload road truly make this property one of the most desirable in the market,” said Danielle Radtke, CenterPoint Senior Vice President, Asset Management. “When you consider it’s located at the Beltway 8 and Highway 225 intersection, near the center of Houston’s petrochemical complex very close to the Port, 3507 Pasadena Freeway is virtually unmatched in Houston,” Radtke concluded.

Bellwether Enterprise Closes $7.4 Loan for Manufactured Housing in Texas

Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment, Inc., announced the closing of a $7,450,000, cash-out refinance loan deal for Country Glen, a manufactured housing community located at 101 Town Street in Weir, Texas. Cindy Hannon, senior vice president in Bellwether Enterprise’s Atlanta office originated the loan on behalf of the borrower, Country Glen LLC, via Fannie Mae’s Manufactured Housing Community program. “This deal is especially exciting because we were able to provide the property owner with an extremely competitive interest rate,” said Hannon. “The greater Austin area is one of the most desirable places to live in in the U.S., and we are pleased to expand our portfolio in the area.” Country Glen is a 121-pad manufactured home community comprising mostly one-bedroom, single-wide pads and a small number of double-wide homes. The property was built in 1999 and has been under the ownership of the borrower for more than ten years. The property has operated at 100 percent occupancy for the past several years.

CBRE Pre-Leases 123,000-SF Industrial Speculative Development in El Paso

CBRE announced that a 123,966-square foot industrial property in El Paso. Texas has been fully leased to a single tenant. The building, located at 9541 Joe Rodriguez Drive, is the second spec development in El Paso owned by Boston-based Equity Industrial Partners and New York-based Raith Capital Partners and was successfully leased before construction had been completed. Equity Industrial Partners and Raith Capital Partners broke ground on the building in March 2020. The spec building was leased to a 3PL company who services the manufacturing industry in the region. The facility is strategically located near the Zaragoza international port of entry and was the first spec project to break ground in 2020. Beyond the building’s strategic location, it also highlights demand for more modern features, such as 28-foot clear height and overflow trailer parking, which are scarce in El Paso. “We’re seeing a very strong demand for quality industrial product above 100,000 square feet in El Paso,” said Arturo De la Mora, vice president with CBRE in El Paso. “The existing supply of product that meets these requirements is minimal, creating upward pressure on lease rates and propelling spec development in our market.” The completion of this building brings the partnerships’ El Paso portfolio to a total of 23 buildings with a total footprint of more than 2,000,000 square feet They are in the process of delivering their third spec building by Q2 2021. De la Mora and Andres Sandoval with CBRE are representing Equity Industrial Partners and Raith Capital Partners in the marketing and leasing of their portfolio.

WeWork Names Veteran Real Estate Executive as New Chief

WeWork, the troubled operator of shared office space, has named Sandeep Mathrani, a senior executive at the commercial real estate company Brookfield Properties, as its new chief executive. Mr. Mathrani, whose appointment was announced on Saturday, replaces Artie Minson and Sebastian Gunningham, the co-chief executives. Mr. Minson and Mr. Gunningham took over in September from Adam Neumann, the WeWork co-founder whose growth-at-all-costs strategy brought the company to the brink of financial collapse last year. In a statement, Mr. Mathrani said WeWork had “redefined how people and companies approach work with an innovative platform, exceptionally talented team and significant potential if we stick to our shared values and maintain our members-first focus.” Click to read more at www.nytimes.com.

BELLOMY & CO. ANNOUNCES THE SALE OF CHATHAM PARKWAY SELF STORAGE IN SAVANNAH, GEORGIA

ATLANTA – July 25, 2016   Bellomy & Co. announced the sale of Chatham Parkway Self Storage in Savannah, Georgia.  The facility consists of 858 climate and non-climate units in 100,350 NRSF. The property was 83% physically occupied at the time of closing.

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