Duke Buys Three Industrial Sites at Port

HOUSTON-Granite Properties Inc., based in Atlanta, has sold more of its industrial holdings along the Port of Houston here as it tries to refocus its energy on office properties. Duke Realty Corp. has purchased two buildings at Barbour’s Cut Business Park, and another site in Bayport Container Terminal, totalling 583,000 square feet.

The two sites are part of a 15-property industrial portfolio in Houston and Dallas being sold by Holliday Fenoglio Fowler LP for Granite in Houston and Dallas. Granite is selling the properties to exit the industrial market. “Granite wants to focus strictly on office, and expand their footprint on the East and West coasts,” says Trent Agnew with HFF.

The Houston buildings are adjacent to container terminals at 1000 E. Barbour’s Cut (two facilities at 356,600 square feet) and 5300 State Hwy 146 (a 226,240-square-foot building). Gulf Winds International fully leases both buildings with more than 10 years remaining on each, Agnew tells GlobeSt.com. He would not comment on the sale price.

Agnew says HFF has received 25 separate offers on different portions of the Granite portfolio. The company has already sold the Dallas properties, about 60% leased, to Exeter Property Group. “The rest of the Houston properties, both bulk and flex, are about 90% leased,” he says. “We will likely select a buyer within the week for these sites.”