JLL closes sale of Houston industrial project
The Class A facility is near the Port of Houston
HOUSTON, February 24, 2020 – JLL Capital Markets announced today that it has closed the sale of East Belt Business Park, a four-building, Class A industrial project totaling 350,000 square feet in Houston’s Southeast submarket.
JLL marketed the property on behalf of the seller, a fund advised by Morgan Stanley Real Estate Investing. TA Realty purchased the asset.
Developed in phases in 2004 and 2008, East Belt Business Park comprises two rear-load and two cross-dock buildings that feature 20- to 24-foot clear heights, 114 dock-high doors, 14 drive-up ramps, 510 parking spaces and truck courts ranging from 120- to 180-foot . Additionally, the property’s flexibility caters to tenants of all sizes, which has provided the ability to remain more than 90% leased since delivery. The project is situated on 23.7 acres at 1455-1485 East Sam Houston Parkway South in the highly sought-after Southeast submarket, which is the second-largest Industrial submarket in Houston. With frontage along Beltway 8 (Sam Houston Tollway), East Belt Business Park provides regional connectivity to the entire Houston MSA and is three miles from the Port of Houston, a 25-mile long waterway that services 8,200 vessels and 215,000 barges each year.
The JLL Industrial Capital Markets team that represented the seller was led by Managing Director Trent Agnew, Senior Managing Director Rusty Tamlyn, Director Charlie Strauss and Analyst Tom Weber.
“East Belt Business Park is a unique property that caters to tenants of varying sizes in a market focused on big box development,” Agnew said. “This was a highly competitive process that proved investor demand for high-quality product with upside potential.”
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About TA Realty
TA Realty is among the largest and most experienced providers of real estate investment management services to U.S. and non-U.S. institutional investors. Since its inception in 1982, TA Realty has managed more than $30 billion of real estate assets through three distinct strategies – value-add closed-end, core open-end and customized separate/advisory accounts. TA Realty’s investment philosophy focuses on creating diversified real estate portfolios that generate strong cash flow, benefit from intensive asset management and result in long-term value creation. For more than three decades, TA Realty has maintained this philosophy through multiple real estate and economic cycles, a strength recognized by leading pension funds, endowments, foundations and high net worth individuals. For more information please visit www.tarealty.com.