CapRock Partners is adding to its Texas industrial portfolio. The acquisition of Kennedy Greens Distribution Center marks its first in Houston.
Most importantly, CapRock highlighted in a statement the fundamentals of the Northern submarket where the asset is located, noting it is "one of Houston’s most active and dynamic distribution and logistics centers."
“Houston’s industrial market continues to demonstrate strength, driven by durable demand, land constraints and a diversified economy," Jon Pharris, co-founder and president of CapRock, said.
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"This acquisition reflects our ongoing commitment to investing in and providing high-performing logistics assets that align with the needs of our tenants, investors, and the overall U.S. supply chain.”
Kennedy Greens' location at 13300 John F Kennedy Boulevard is fewer than three miles from George Bush Intercontinental Airport and has proximity to intermodal providers.
The property, first delivered in 2020, consists of four grade-level doors, 103 dock-high doors, 36-foot clear heights, LED lighting, ESFR sprinklers and 3,000 amps of power. Also, Kennedy hosts 276 parking spots for cars and 128 trailer stalls. The 524,199-square-foot, Class A warehouse is fully leased to three credit tenants.
Many of CapRock's industrial assets are located in Western markets, with concentrations in Arizona, California and Nevada. In Texas, the firm manages a roughly 1.8 million square foot portfolio, which includes 396,000 square foot Peachtree in Dallas.
"This investment enhances the breadth of our Texas portfolio and underscores CapRock’s disciplined approach to identifying and securing best -in-class industrial assets with strong long-term fundamentals," Taylor Starnes, vice president of acquisitions at CapRock, said of its latest acquisition.
A recent Savills report found that Houston industrial rents in the second quarter surged by 4.9 percent to $0.64 per square foot on a monthly basis, while vacancy dropped by 60 basis points from the previous 12 months to 7.1 percent. While net absorption dropped in the quarter, the CRE firm expects it to remain "positive" and "likely firm going forward, assuming supply doesn't outpace demand.
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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.
