HOUSTON – Industrial Property Trust Inc. has purchased Century Distribution Center. The Denver-based company paid $11.5 million for the newly constructed, 149,000-square-foot distribution facility.
PrimeSource Building Products Inc., a distributor of building materials in North America and fasteners throughout the world, leases the entire building.
“Building a national industrial real estate operating platform is our objective, and Houston represents a strong GDP growth market,” says Dwight Merriman, CEO of IPT, in a statement.
For IPT, Houston meets a number of its market selection criterion, which includes key distribution hubs, high barriers to entry and high levels of annual leasing activity. Specifically, IPT has pursued deals in Houston because of the city’s expanding port market that makes it a target location for high distribution demand. Other major markets IPT focuses on include New York, Chicago, Atlanta, San Francisco, Seattle and Southern California.