Lexington Realty Trust Emerges as Buyer of 737K-SF Portfolio
A newly constructed fully leased three-building class-A industrial portfolio recently sold for an undisclosed price to affiliates of Lexington Realty Trust, which was among some 20 other suitors. The assets total 738,701 square feet near the Port of Houston in Pasadena and Deer Park, TX.
The 44.6-acre portfolio comprises Bayport North Logistics Center I (9701 New Decade) and Bayport North Logistics Center II (4100 Malone) in Pasadena and Underwood Port Logistics Center (4660 Underwood) in Deer Park, all within Houston’s Southeast Industrial submarket. This prime logistical location places the portfolio within six miles from the Port of Houston, providing key access to the Barbours Cut and Bayport Container Terminals.
The portfolio was completed in 2019, and the single-tenant buildings are occupied by top trucking and logistics companies.
“We were pleased to be able to accommodate tenant demand propelled by Houston’s population boom and recent supply chain disruption by delivering high-quality product within immediate proximity to Houston’s container ports,” said Will Hedges, managing partner for Triten Real Estate Partners. JLL marketed the portfolio on behalf of the seller, Triten. The team was led by Trent Agnew, Rusty Tamlyn, Charles Strauss and Katherine Miller.