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GlobeSt.com EXCLUSIVE: Weingarten Antes Up $13M for Industrial Project

STAFFORD, TX-The Houston-based REIT crosses the finish line with the highest offer for Freeport Business Center, a two-building, 251,200-sf warehouse property. According to local sources, the six-year-old asset garners $13 million for Rreef.

By Jennifer D. Duell | Updated on July 26, 2005

(To read more on the industrial market, click here.)

STAFFORD, TX-Weingarten Realty Trust has outmaneuvered 13 other would-be-buyers to acquire Freeport Business Center, a two-building, 251,200-sf industrial property in the southwest part of town. An industry source reports Weingarten has put up at least $13 million for the asset.

The twin buildings at 13259 and 13275 N. Promenade Blvd. were built six years ago on a spec basis, the only multi-tenant product of its type in the 200-acre Freeport Southwest Business Center, which is owned by Houston-based Midway Cos. “There was a lot of interest in this property,” says Rusty Tamlyn, director of capital markets group for Trammell Crow Co.’s Houston office. “It’s new product with great credit tenants. And, it offers Triple Freeport tax exemption.”

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