(Read more on the industrial market.)

BAYTOWN, TX-Making its final buy for 2007, a Denver-based investment group has snared the just-completed, 129,568-sf Cedar Crossing distribution center from Vantage Co. in an off-market transaction. With the deal done, the buyer is gearing up for 2008 when it plans to acquire $200 million of assets in four core markets, including Houston.

Cedar Crossing is set in the southeast far submarket, where comparable buildings are selling for $75 per sf to $80 per sf and tenant demand is climbing due to the Port of Houston. T.J. Tarbell, acquisition and development officer for Mountain West Industrial Properties LLC, says Cedar Crossing at 10605 Cedar Crossing proved ideal because it was vacant, is close to the Port of Houston and near the four-million-sf distribution stronghold of Bentonville, AR-based Wal-Mart Stores Inc.

“We’ve been pursuing acquisitions in and around the Port for well over a year and this is the first one we were able to get our hands on,” Tarbell tells GlobeSt.com. Houston-based Vantage will manage and lease the 7.36-acre project. Cedar Crossing is being marketed for 37 cents per sf, triple net.

Tarbell says the distribution center is well suited for a single tenant or, at the most, two. And, he believes, is an ideal fit for third-party logistics companies that cater to port users.Tarbell says Greater Houston is a main focus for Mountain West as it games its 2008 strategy to acquire value-add assets, including development land.

In Greater Houston, Mountain West owns the 115,000-sf Kirby Business Center at 9400-94 Kirby Dr. and 337,227-sf portfolio that it bought last spring from Chicago-based First Industrial Realty Trust. The portfolio consisted of a 73,567-sf warehouse at 3737 Greenbriar St.; 131,000-sf structure at 10325-10415 Landsbury Dr.; 58,248-sf building at 10610-28 Rockley Rd.; and 74,462-sf warehouse at 8100 Westpark Dr.

Mountain West also owns the Beltway Antoine Business Center at the intersection of Sam Houston Parkway and Antoine Drive, where its ready to break ground on a 190,469-sf second phase. The complex will total 393,877 sf at completion, which is ticketed for midyear 2008.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.