Newmark Closes $190 Million Sale of Distribution Center in Houston
Newmark negotiated the $190 million sale and purchase of a 1.5 million-square-foot distribution center located on a headquarter campus in suburban Houston. The property is 100% net-leased on a long-term, absolute triple net-lease basis to Academy Sports + Outdoors, a leading sporting goods and outdoor recreation retailer in the U.S.
Newmark Executive Managing Directors Ken Hedrick, Jerry Hopkins and Andrew Ragsdale of the Net Lease Capital Markets group and Vice Chairman and Head of Newmark’s International Capital Markets Group, Alex Foshay, in cooperation with Managing Director Kristian Nielsen, represented the seller, Tratt Properties. The buyer was Mirae Asset Global Investments of Seoul, South Korea. Vice Chairmen and Co-Heads Dustin Stolly and Jordan Roeschlaub and Senior Managing Director Nick Scribani of Newmark’s Debt & Structured Finance group facilitated financing on behalf of the buyer.
Located at 1800 North Mason Road in Katy, TX, the property consists of approximately 1.25 million square feet of industrial warehouse space, 250,000 square feet of flex office space, +/-800,000 square feet of mezzanine space and more than +/-93 acres of land.
Erik Hamilton, who has more than 15 years in CRE journalism, is a former staff writer with the Los Angeles Times and the Orange County Business Journal. In addition to The Times and the OCBJ, he was also a reporter and editor for Crittenden Research, The San Bernardino Sun and UPI. A graduate of UC Irvine, with a BA in history, he is an avid record collector where he continues to search for a rare Joy Division single.