Hines Acquires 2M-SF Park from BlackRock

Hines acquired the 2.2-million-square-foot Underwood Distribution Center near the Port of Houston in LaPorte, TX. BlackRock sold the asset for an undisclosed price.

Randy Baird, Judd Clements and Jim Foreman of Cushman Wakefield represented the seller in the transaction. Hines renewed the leasing assignment for the park with Billy Gold, Gray Gilbert and Jeff Everist at CBRE.

The projects consists of a five-building logistics park, plus three development parcels. Hines is planning to develop Building 6, which can accommodate a 167,000-square-foot, front-loaded distribution building, with delivery planned for Q4 2017. Hines is also rebranding the asset as Independence Logistics Park.

“We have been targeting the southeast market for some time, and this opportunity presented a good match for our recently expanded industrial investment platform,” said Palmer Letzerich of Hines. “We are excited to anchor our presence in the submarket with this large-scale distribution park.”

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