The one-year-old industrial distribution warehouse is located at 6410 Sam Houston Parkway, just south of West Little York Road and Texas 290. The Houston-based Simkins Group developed the project.
The Houston office of Minneapolis-based NorthMarq Capital Inc. arranged the $2.2 million in financing for the deal. G.E. Financial Assurance is providing Cooper's financing. "This was a very low-leveraged transaction on a 10-year, self-amortizing basis making it an unusually conservative loan for our investor," Bill Luedemann, NorthMarq senior vice-president and director, tells GlobeSt.com. He structured the financing package.
Lori Sowa, a NorthMarq investment analyst, says FedEx has a 10-year lease at the building, which sits on 18.5 acres. FedEx Ground is one of six companies that make up the $20 billion FedEx family. Headquartered in Pittsburgh, FedEx Ground is the second-largest ground carrier for business-to-business small package delivery. It has 16 shipping centers in Houston.
According to published sources, the building began as a build-to-suit project for FedEx by Simkins who had previously developed 16 other such sites. W.M. Dillard and Associates had been the original general contractor for the project, which had its interim financing through Compass Bank.
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