By: Olivia Pulsinelli, Web producer Houston Business Journal
CenterPoint Properties, an industrial real estate firm based in the Chicago suburb of Oak Brook, recently acquired a 27building portfolio in the Houston area. The additional 3.6 million square feet brings CenterPoint’s total Houston portfolio to 6.2 million square feet across 45 buildings acquired in the past 24 months. Less than a year ago, CenterPoint increased its Houston portfolio by more than 1 million square feet.
The latest acquisition is part of CenterPoint’s national expansion plans targeting competitive markets with properties strategically located near ports, Chris Tecu, vice president of investments for CenterPoint, said in a statement. As office and multifamily markets have cooled off amid the oil slump, industrial has moved into the spotlight of Houston’s real estate market. As high rents and land constraints make it tough for tenants looking to lease industrial space in the traditionally hot north and northwest markets, more business parks are popping up in southwest Houston. And industrial rental rates have jumped in southeast Houston as exports surge and more petrochemical plants are built. CenterPoint’s newly acquired buildings are in nine business parks mostly in east Houston with close proximity to such infrastructure as rail yards, the Port of Houston and a petrochemical refinery. Here are the business parks where the properties are located:
Jud Clements, Rusty Tamlyn, Trent Agnew and Robby Rieke of HFF facilitated the deal between CenterPoint and the seller, which the Houston Chronicle reports was Exeter Property Group
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