Single-Tenant Industrial With Credit Tenants Draws Investors

With continued residential and industrial growth along Interstate 10 and the Grand Parkway, one asset was a good strategic fit for both the tenant and buyer, says its financing team. An affiliate of Walton Street Capital recently purchased the 805,601-square-foot sort center in Katy.

Situated on 54.15 acres at 22525 Clay Rd., the facility is in the western part of the Houston MSA and aided by direct access to Highway 99 (Grand Parkway) and proximity to Interstate 10. The center recently delivered as a build-to-suit for an e-commerce tenant.

The cross-dock building features 40-foot clear height, 190-foot truck court with substantial vehicle and trailer parking, 190 dock-high doors, ESFR fire protection and LED lighting. The mission-critical facility is triple-net-leased by the tenant on a long-term basis.

Acquisition financing was obtained by JLL which worked on behalf of the seller, a publicly-traded REIT. Additionally, JLL placed the floating-rate acquisition loan with Wells Fargo Bank N.A. The JLL team was led by Trent Agnew, Rusty Tamlyn, Charles Strauss, Tom Weber and Jack Britton.

“Single-tenant industrial assets with long-term leases to credit tenants continue to see significant interest from a multitude of investors,” Agnew said.

The JLL team representing the new owner was led by Colby Mueck, Michael Johnson and Molly Leinsdorf.

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