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JLL represents buyer in acquisition of 49,778-square-foot industrial building
HOUSTON, Nov. 7, 2017 – JLL today announced LT Foods USA, a leading importer and distributor of Basmati rice, has acquired a 49,778-square-foot, Class A industrial building located in Lakeview Business Park at 14523 Fairway Pines Drive in the Houston suburb of Missouri City.
JLL's Jarret Venghaus and Jeff Venghaus negotiated the terms on behalf of the buyer. Jason English of Colliers International represented the seller.
Adjacent to LT Foods' current facility, the acquired property will allow them to expand their operations and product lines in Houston.
"This offering presented a great opportunity for LT Foods to expand their business without interrupting their operations," said Jarret Venghaus. "This location continues to serve them well and now they have the space they need to grow."
Located in the southwest industrial submarket, 14523 Fairway Pines Drive provides convenient access to Beltway 8, U.S. Highway 90-A and the Fort Bend Parkway.
Built in 2009, the freestanding building has 14 dock-high doors, 24-foot ceiling heights and approximately 4,500 square feet of office space.
According to JLL research, the consumer goods sector continues to grow with the population of Houston and as a result is driving demand for industrial distribution and warehouse space.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
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