Lincoln Property Buys 513KSF Industrial Asset in Houston
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Lincoln Property Co. acquired Ellington Trade Center from KDC and Harbert Real Estate Fund III LLC, in a transaction facilitated by HFF.
By Adelina Osan, Associate Editor
Houston—HFF recently closed the sale of a three-building industrial project totaling 513,800 square feet and 18.2 acres of developable land in southeast Houston. HFF represented the seller, a partnership between KDC and Harbert Real Estate Fund III LLC.
The industrial asset was acquired by Lincoln Property Co., through its investment advisory affiliate Lincoln Advisory Group, on behalf of an institutional client.
Located at 12552, 12554 and 12556 Highway 3 in Houston’s Southeast Industrial submarket, Ellington Trade Center is adjacent to Ellington Airport. The property was 98.6 percent occupied at the time of the announcement and is home to tenants such as FedEx, Lennox Industrial, Goodman Distribution, SCP Distributors, E&G, Patrician Window Coverings and Houston Chronicle Publishing. Ellington Trade Center features 24’ and 28’ minimum clear heights, dock high configuration and 200’ shared truck courts.
Senior Managing Director Rusty Tamlyn and Director Trent Agnew led HFF’s investment sales team.
“Lincoln Advisory Group recognized the upside potential that the offering presents via the development tract as well as the rent roll of tenants that need to be at this location in order to service the expanding population base on the south and southeast sides of Houston,” said Agnew in prepared remarks.
Image courtesy of KDC