{"id":1004577284,"date":"2022-04-21T03:37:22","date_gmt":"2022-04-21T11:37:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004577284"},"modified":"2022-12-08T18:44:25","modified_gmt":"2022-12-09T02:44:25","slug":"korean-investor-pays-190m-for-west-houston-industrial-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/korean-investor-pays-190m-for-west-houston-industrial-asset\/","title":{"rendered":"Korean Investor Pays $190M for West Houston Industrial Asset"},"content":{"rendered":"
\"1800<\/a>

1800 N. Mason Road. Image courtesy of Newmark<\/p><\/div>\n

South Korea-based Mirae Asset Global Investments<\/strong> has bought the distribution center at 1800 N. Mason Road in Katy, Texas, for $190 million. Newmark<\/strong> assisted the seller, Tratt Properties<\/strong>, and also secured the financing on behalf of the buyer.<\/p>\n

According to Harris County records, Athene Annuity & Life Assurance Co.<\/strong> provided a $114 million acquisition loan. The 1.5 million-square-foot property is entirely leased long term to Academy Sports + Outdoors<\/strong>.<\/p>\n

Built in 1976, the center last traded in 2019, according to CommercialEdge data. The facility comprises almost 1.3 million square feet of industrial warehouse space, 250,000 square feet of flex office space, approximately 800,000 square feet of mezzanine space and approximately 93 acres of land. A total of 6,738 parking spaces are also available, the same data provider shows. The three-building asset features loading doors, dock levelers, dock bumpers and cross docks, as well as skylights, fire sprinklers and HVAC climate control systems.<\/p>\n

Immediate access to major routes<\/h2>\n

The property is 1 mile north from Interstate 10, providing easy access into downtown Houston, which is some 26 miles east. U.S. Highway 99 is roughly 2 miles west of the asset. According to a prepared statement from Newmark Executive Managing Director Ken Hedrick, the scarcity and increasing value of land in the West Houston market enhance the property\u2019s value.<\/p>\n

The Houston industrial market has continued its strong run, on par with national trends<\/a>. More than 11.5 million square feet of lease deals closed this year through March, marking the metro\u2019s second-highest volume of quarterly leasing activity on record, according to a report by JLL<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Athene Annuity & Life Assurance Co. provided the acquisition loan.<\/p>\n","protected":false},"author":3142,"featured_media":1004577285,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742],"tags":[37024,50999,48818],"class_list":["post-1004577284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","tag-mirae-asset-global-investments","tag-newmark","tag-tratt-properties-llc"],"acf":[],"yoast_head":"\nKorean Investor Pays $190M for West Houston Industrial Asset - CPE<\/title>\n<meta name=\"description\" content=\"Mirae Asset Global Investments purchased the 1.5 million-square-foot campus at 1800 N. 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