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Stonepeak Acquires Houston-Area Warehouse Assets for $244M
Stonepeak acquired six logistics assets totaling 2.3 million square feet near Houston, Texas. Commercial Edge reports the sale price for the La Porte, Texas, portfolio situated less than 8 miles from the Port of Houston was $244 million. Starwood Capital was the seller.
The properties are located at: 359 Old Underwood Road; 359 Pike Court; 10100 Porter Road; 10052 Porter Road; 10051 Porter Road and 10025 Porter Road.
Port Houston is investing $1.7 billion over the next five years to modernize and expand its existing facilities. Houston’s transport infrastructure is further supported by an extensive rail network anchored by Union Pacific, BNSF, and CPKC.
Stonepeak’s Phill Solomond added, “We continue to believe in the power of supply chain real estate anchored by essential port infrastructure, given its mission-critical role in local and national supply chains, and we are excited to continue investing behind this theme.”
Earlier this year, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth.
- ◦Sale/Acquisition
- ◦Financing
