Sterling Investors Buys 2 Texas Facilities

GLP Capital Partners has sold two Texas warehouses: The 430,852-square-foot CentrePort 2 in Fort Worth and the 411,460-square-foot Northwest Logistics Center in Houston. The buyer, Sterling Investors, took out a $49.2 million acquisition loan from Principal Life Insurance Co., public records show. JLL Capital Markets brokered the transaction.

Completed in 2017, the cross-dock CentrePort2 features 97 dock-high loading doors, 32-foot clear heights and 60-foot bay spacing, along with more than 245 parking spaces. The warehouse is part of a campus developed by Hillwood, also incorporating the 270,762-square-foot CentrePort 1; GLP had acquired both properties in 2018, CommercialEdge information shows.

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The 24-acre property is at 14200 FAA Blvd. in the Upper Great Southwest submarket, providing easy access to highways 360 and 183. Dallas Fort Worth International Airport is some 6 miles away, while downtown Dallas is within 21 miles.

Northwest Logistics Center came online in 2018 and previously traded the same year in a portfolio transaction, the same source shows. The Class A facility has 138 dock loading doors and 32-foot clear heights, along with 119- and 136-foot truck courts, four drive-in doors and some 260 parking spaces.

The property occupies 26 acres at 6751 N. Eldridge Parkway in the Northwest submarket, some 20 miles from downtown Houston and 25 miles from George Bush Intercontinental Airport. The distribution center is also less than a mile from a to-be-built 537,375-square-foot speculative warehouse.

The JLL Capital Markets team comprised Co-Head & Senior Managing Director Trent Agnew, Senior Directors Charlie Strauss and Parker McCormack, Directors Tom Weber, Lance Young and Pauli Kerr, along with Associate Matthew Barge and Analyst Brooke Petzold. Earlier this month, Agnew and Strauss represented Pagewood in the sale of a 500,840-square-foot facility in Houston.

GCP’s recent industrial deals

GCP currently owns 59 industrial facilities across the country, totaling more than 18.3 million square feet, CommercialEdge data shows. In December, the company sold a 1 million-square-foot warehouse in Manchester, Pa., for $110.3 million.

A few months earlier, the firm acquired 34 Engelhard Drive, a 203,000-square-foot distribution center in Monroe Township, N.J. Clarion Partners sold the asset for $53.8 million.