{"id":1004508811,"date":"2021-02-04T02:57:02","date_gmt":"2021-02-04T10:57:02","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004508811"},"modified":"2021-05-15T10:03:42","modified_gmt":"2021-05-15T18:03:42","slug":"duke-realty-corp-pockets-108m-for-houston-area-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/duke-realty-corp-pockets-108m-for-houston-area-asset\/","title":{"rendered":"Duke Realty Corp. Pockets $108M for Houston-Area Asset"},"content":{"rendered":"
\"Amazon<\/a>

Amazon Katy, Texas, Fulfillment Center. Image courtesy of Duke Realty Corp.<\/em><\/p><\/div>\n

The Geneva-based Mirabaud Asset Management has expanded its U.S. portfolio with the acquisition of a logistics property in the Houston area<\/a> that\u2019s fully leased to Amazon. The company acquired the building on behalf of its international clientele from Duke Realty Corp. for $108 million.<\/p>\n

\n

READ ALSO: Duke Realty Renews, Expands DFW Facility Lease<\/a><\/p>\n

\n

The 1 million-square-foot facility is fully leased to Amazon, which uses it as its distribution center for the region, until 2033. Mirabaud said the property is mission-critical to Amazon and has the optimal layout for the company\u2019s logistical needs. The Amazon distribution center employs 1,600 people and ships out 40,000 packages on a daily basis. Located at 31555 US-90, the distribution center has access to Interstate 10 and is 15 minutes away from the nearby city of Katy, Texas.<\/p>\n

Mirabaud was advised by EXAN Group, King & Spalding, EY and Elvinger Hoss Prussen in the acquisition and also received mortgage financing from New York Life Real Estate Investors.<\/p>\n

Jeff Thornton, Duke Realty\u2019s senior vice president of the Texas region, told Commercial Property Executive <\/em>that the company developed the property as a build-to-suit facility for Amazon in 2018. Thornton also told CPE<\/em> that the property was built with 36-foot clear heights, 50-foot by 54-foot column bay spacing, LED warehouse lighting, ESFR sprinklers, 100 dock doors and two drive-in doors.<\/p>\n

Further north in Texas, Duke Realty has recently signed a lease renewal and expansion with Plastipak Packaging at its 532,000-square-foot distribution center in Garland, Texas.<\/p>\n

Mirabaud\u2019s US expansion<\/h2>\n

Despite being based in Switzerland, Mirabaud continues to exand its U.S. portfolio. Specifically, the company will look for similar high-quality office and industrial assets, Vaqar Zuberi, senior vice president at Mirabaud, said in prepared remarks.<\/p>\n

For Mirabaud, the focus is on properties in key U.S. markets that are mission-critical, high-quality, leased to investment-grade tenants with long-term leases and located in regions with strong market fundamentals. Mirabaud\u2019s U.S. investments date back to 2019, and most recently, the company acquired two fully occupied office buildings in San Jose, Calif., for $95.2 million in July 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

Amazon occupies the logistics property under a long-term lease.<\/p>\n","protected":false},"author":883,"featured_media":1004518022,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21748,21783,21742],"tags":[37482,33010,40584,35680,33542],"class_list":["post-1004508811","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-industrial","category-investment","category-latest","tag-amazon","tag-duke-realty-corporation","tag-jeff-thornton","tag-king-spalding","tag-new-york-life-real-estate-investors"],"acf":[],"yoast_head":"\nDuke Realty Corp. 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