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Wednesday, July 03, 2013
CenterPoint Properties acquires Houston buildings near UP terminal
CenterPoint Properties recently closed on an acquisition of six buildings in Houston from TA Associates for $42.6 million.
Situated on 42.8 acres and totaling 1 million square feet, the buildings are located near Union Pacific Railroad intermodal facilities, the Port of Houston, and interstates 10 and 610. Each facility is occupied by Exel Logistics.
"This transaction proves our commitment to a thriving industrial market that serves our mission of investment in port-, rail- and intermodal-related facilities," said CenterPoint Chief Investment Officer James Clewlow in a press release.
The buildings are ideally suited to support the growing plastic resin industry, CenterPoint officials believe.
"This was an opportunity for CenterPoint to acquire intermodal-proximate, rail-served buildings, directly adjacent to substantial rail infrastructure," said CenterPoint Senior Vice President of Investments Chad Vande Zande.
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