Affiliates of Lexington Realty Trust have purchased a newly constructed, fully leased, three-building, class A industrial portfolio totaling 738,701 square feet near the Port of Houston in Pasadena and Deer Park, Texas.
“This portfolio was well received by investors, as it allowed them to gain scale in a submarket within Houston that continues to see tremendous tenant demand and has true barriers to new supply with a lack of available land south of the Ship Channel,” said Trent Agnew, senior managing director at JLL Capital Markets, which represented the seller. “We received nearly 20 offers from a wide variety of capital sources, and, ultimately affiliates of Lexington Realty Trust emerged as the buyer.”
The seller was Triten Real Estate Partners.
The 44.6-acre portfolio comprises Bayport North Logistics Center I (9701 New Decade) and Bayport North Logistics Center II (4100 Malone) in Pasadena and Underwood Port Logistics Center (4660 Underwood) in
