South Korea-based international investor Mirae Asset Global Investments has acquired a 1.5 million-square-foot distribution center located on a headquarter campus in suburban Houston, Texas for $190 million.
Newmark represented the seller, Tratt Properties, and also facilitated financing on behalf of the buyer.
The property is 100% net-leased on a long-term, absolute triple net-lease basis to Academy Sports + Outdoors—one of the leading full-line sporting goods and outdoor recreation retailers in the U.S.
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.
“Industrial assets occupied by high-credit tenants with strong e-commerce business continue to underlie investor interest in the net lease space,” said Ken Hedrick, Newmark Executive Managing Director.
“From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions. The scarcity and increasing value of land in the west Houston area further enhance the property’s value,” he added.
“Overseas capital continues to seek out opportunity and attractive returns in non-coastal U.S. markets,” said Alex Foshay, Vice Chairman and Head of Newmark’s International Capital Markets Group. “With demographic and population shifts being a key indicator, Sunbelt markets—like Houston and Texas, overall—continue to grow in market share of foreign direct investment.”
Located at 1800 North Mason Road in Katy, Texas, the facility features immediate access to Interstate 10—one of the premier logistics routes in the U.S., stretching from coast-to-coast—and Highway 99, which circles Houston and puts all major Texas markets within a four-hour drive.