(Read more on the industrial market.)
BAYTOWN, TX-Making its final buy for 2007, a Denver-basedinvestment group has snared the just-completed, 129,568-sf CedarCrossing distribution center from Vantage Co. in an off-markettransaction. With the deal done, the buyer is gearing up for 2008when it plans to acquire $200 million of assets in four coremarkets, including Houston.
Cedar Crossing is set in the southeast far submarket, wherecomparable buildings are selling for $75 per sf to $80 per sf andtenant demand is climbing due to the Port of Houston. T.J. Tarbell,acquisition and development officer for Mountain West IndustrialProperties LLC, says Cedar Crossing at 10605 Cedar Crossing provedideal because it was vacant, is close to the Port of Houston andnear the four-million-sf distribution stronghold of Bentonville,AR-based Wal-Mart Stores Inc.
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