Hines acquires Underwood Distribution Center in Texas, US
The international real estate firm Hines acquired the Underwood Distribution Center, a Class A industrial park located near the Port of Houston in LaPorte, Texas from BlackRock.
Financials on the deal were not disclosed. The project consists of a five-building logistics park and 2.2 million square feet, plus three development parcels. Hines’ first addition to the development will be Building 6, capable of a 167,000-square-foot front-load distribution building with delivery slated for the fourth quarter of 2017.
The existing five buildings are 100% leased to tenants including CRC, DNow, GIS, Northern Safety, Packwell, PolyOne, among others.
Palmer Letzerich, Hines senior managing director, said, “We have been targeting the southeast market for some time, and this opportunity presented a good match for our recently expanded industrial investment platform. We are excited to anchor our presence in the submarket with this large scale distribution park. Now rebranded as “Independence Logistics Park,” we look forward to putting our Hines brand of stewardship and management on the park and expanding with our new building and working with the CBRE team on leasing.”
Hines Managing Director Charlie Meyer added, “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.”
Randy Baird, Judd Clements and Jim Foreman of Cushman Wakefield represented the seller on the transaction. Hines has renewed the leasing assignment for the park with Billy Gold, Gray Gilbert and Jeff Everist at CBRE.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5bn of assets under management, including $48.5bn for which Hines provides fiduciary investment management services, and $48bn for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world.
Historically, Hines has developed, redeveloped or acquired 1,205 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
Source: Company Press Release