HOUSTON—As a fast-growing US logistics hub, Houston is a top target for Chicago-based Dayton Street Partners. So much in fact that DSP has entered the Houston market with the acquisition of 5800 Mesa Dr., a 500,000-square-foot logistics property featuring a 333-door truck terminal and a 33-bay maintenance facility on a 90-acre site. The seller was a private investor and the price was undisclosed.
"This was a great opportunity to capitalize on increasing demand in the market and is part of a larger corporate strategy to invest in well-located, logistics-related real estate assets in Texas and throughout the US," said Howard Wedren, DSP founder and managing principal.
DSP plans a multi-million-dollar renovation of the terminal and the development of 25 acres of fully improved, lighted and secured trailer parking. This type of property continues to be in high demand in the area and in other major US markets.
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Located just south of I-610 and less than 10 miles from the Port of Houston and Houston's CBD, 5800 Mesa Dr. is situated in Houston's transportation and logistics corridor which is home to several LTL carriers, trucking companies, distributors and manufacturers. Neighborhood tenants include SAIA, Estes Express, Lineage Logistics, Southwest Freight, JB Hunt, Knight Transportation, Rush Truck Centers, Tyson Foods and Kroger.
"Houston's industrial market ended the year on a strong note with record-breaking completions," says Drew Coupe, a vice president in Avison Young's Houston office specializing in industrial tenant representation. "Supply surplus has given tenants an advantage as landlords continue to offer enticing concession packages with up to 10-month rent abatements on long-term deals, plus allowances for tenant improvements."
Despite the pandemic, DSP continues to grow its business and recently expanded its portfolio with the groundbreaking of DSP Rock Hill, a 180,000-square-foot speculative distribution center at Atlanta's Hartsfield International Airport, and the acquisition six logistics-related acquisitions in the Southeast including assets in Miami, Orlando, Nashville, Charlotte and Tampa. The firm will continue to seek out properties in Texas and across the country that fall in line with its investment strategy.
"Dayton Street will continue to seek opportunities in the Southeast, Southwest and Texas as these areas continue to see exponential growth in population as well as logistics infrastructure development," Wedren tells GlobeSt.com.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
