Fairbanks Logistics Park in Houston has traded hands, as investors continue their allure for industrial assets in the city's submarket. Importantly, the one million square foot deal marks the largest industrial sale so far this year by square footage in Houston, according to Newmark, which brokered the deal.
The buyer was listed as an unnamed top global electronics maker, with Dalfen Industrial serving as the seller of the property.
Particularly, Newmark noted that the city has been an emerging hub for global manufacturing. In fact, according to research by the brokerage, four of the five biggest industrial deals in the first quarter have occurred in the Northwest submarket of Houston, which is where the acquired site lies.
Recommended For You
The park at 8702-8726 Fairbanks North Houston Road is 17 miles away from the George Bush Intercontinental Airport, with downtown Houston and the Port of Houston 19 miles and 26 miles away, respectively.
Fairbanks Logistics Park consists of four buildings with 200 dock doors, 10 grade-level doors, a yard that takes up five acres and 148 spots reserved for trailer parking. Some additional features include 32-inch clear heights, truck courts and front-load configuration.
“This full-park acquisition represents a strategic decision by the buyer to establish a centralized footprint in Houston’s most sought-after industrial submarket,” Joshua Brown, managing director at Newmark, said in a statement.
“Fairbanks Logistics Park offers the scale, efficiency and connectivity needed to support long-term growth and operational goals.”
As for industrial as a whole, smaller markets in the sector are expected to outperform in terms of rent growth through 2029, according to a recent report from CBRE. This can be attributed to construction being more stable compared with a surge seen in other markets. The top 15 projected rent growth regions are expected to increase by 5%, while the bottom 15 are expected to see gains of less than 2%, CBRE predicted.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
