DCT Rounds Out Collection with 68,000-SF Buy

HOUSTON-DCT Industrial has rounded out its 268,333-square-foot, 22-acre Greens Crossing portfolio with an acquisition of the 68,522 square-foot Greens Crossing IV. DCT acquired the four-year-old building from Sun Life.

The asset at 1045 Greens Pkwy. is 100% leased to freight forwarder and logistics company SecureGlobal Logistics. According to DCT vice president-regional market representative Justin E. Bennett, the credit-worthy tenant was just one reason why the acquisition was so appealing.

“SecureGlobal is a strong global company that has an excellent relationship with its customers,” Bennett tells Globest.com. “We felt comfortable with the tenant; it was a lot of the driving force of the acquisition.” In fact, DCT is so impressed with the tenant, it’s in the process of finalizing a long-term lease renewal to keep SecureGlobal in place.

Another compelling reason for the buy is because DCT already owns the 63,917-square-foot Greens Crossing I; the 45,524-square-foot Greens Crossing II and the 90,370-square-foot Greens Crossing III, which it acquired from developer Caldwell Cos. in 2005.  “It made sense for us to acquire this building, given the fact that they’re all part of the Greens Crossing project,” Bennett says. “It worked out well for us relative to what we own in that area, and allowed us to enlarge our footprint in North Houston, which is a targeted growth area for us.”

Caldwell broke ground on Greens Crossing IV in 2006 which was, at the time, a speculative venture. The relative newness of the building, plus the fact that upkeep has been strong, means DCT won’t have to immediately put any capital expenditures into its newest acquisition.

Though DCT wants to keep SecureGlobal – secure – in Greens Crossing IV for the foreseeable future, Bennett says the building offers good multitenant opportunities down the road. “The building was initially designed to accommodate multiple tenants,” he explains. “For us, being long-term holders in real-estate, having the flexibility of the building, and its modern function, was very attractive.”