A joint venture between Transwestern Development Company and UBS Realty Investors has sold its final phase of West Ten Business Park, which includes a 238,000-square-foot last-mile facility fully leased by Amazon at 28420 West Ten Blvd. in Katy, Texas.
Stonelake Capital Partners purchased the 41-acre site that includes a 1,100 space, 15-acre surface parking lot utilized by Amazon for delivery staging, as well as a 14-acre tract for future development. The purchase price was not disclosed.
“We are very pleased with the culmination of this project, achieving superior results for our investors,” said Will Paton, Partner at Transwestern Development Company. “Given the current market conditions, this sale is even more of a testament to both development quality and tenant creditworthiness. We appreciate Stonelake’s motivation to see this transaction through, despite the challenging circumstances.”
In 2014, Transwestern and UBS purchased a 74-acre site within the West Ten Business Park developed by Parkside Capital. Transwestern developed phase one, consisting of two buildings totaling 415,000 square feet, which were both leased and purchased by Bel Furniture. Phase two was both delivered and fully leased to Amazon in 2019.
The JLL capital markets team of Rusty Tamlyn, Trent Agnew and Charlie Strauss represented the seller in the Amazon building disposition. Transwestern’s industrial services team, led by Brian Gammill, executed the sale of the adjacent land parcel.