Stonepeak, a New York-based various funding agency, has expanded its Texas footprint once more this 12 months with the acquisition of a six-property, 2.3 million-square-foot logistics portfolio in metro Houston. Starwood Capital Group was the vendor, in line with CommercialEdge information.
The sale worth for the La Porte, Texas, portfolio located lower than 8 miles from the Port of Houston was $244 million, as reported by IPE Actual Belongings.
The properties are positioned at: 359 Previous Underwood Street; 359 Pike Courtroom; 10100 Porter Street; 10052 Porter Street; 10051 Porter Street and 10025 Porter Street.
Stonepeak continues to put money into provide chain actual property anchored by important port infrastructure due to its mission-critical function in native and nationwide provide chains, in line with an organization assertion.
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The Port of Houston is the fifth-largest container port within the U.S. Over the subsequent 5 years, the port plans to take a position $1.7 billion to modernize and broaden. The area additionally has an in depth rail community anchored by Union Pacific, BNSF and CPKC.
Rising logistics portfolio
Up to now in 2024, Stonepeak has acquired 20 logistics belongings totaling 7 million sq. toes together with one other Texas portfolio. The agency acquired two logistics belongings offering a mixed 1.1 million sq. toes in Fort Price, Texas, in September from institutional buyers suggested by J.P. Morgan Asset Administration. The corporate used a $57 million mortgage from PGIM Actual Property for the acquisition. The belongings are within the Alliance submarket of Dallas-Fort Price, anchored by two rail strains, the BNSF Alliance intermodal terminal and the Fort Price Alliance cargo airport.
Final month, Stonepeak bought a 1.8 million-square-foot logistics portfolio with 9 properties positioned close to the Port of Jacksonville. The Florida port can also be enhancing and increasing its vital infrastructure with a five-year funding of greater than $1 billion. The portfolio can also be close to the CSX, Norfolk Southern and the Florida East Coast Railway, that are key railroad infrastructure help techniques for the port’s site visitors.
In April, Stonepeak acquired a three-building, 1.7 million-square-foot rail-served totally leased logistics portfolio at CenterPoint Intermodal Middle-Joliet/Elwood—the biggest inland port in North America—from CenterPoint Properties. The properties are adjoining to Chicago’s BNSF and Union Pacific intermodal terminals.
