Industrial Property Trust Buys 3-State, 1M-SF Portfolio

302 West Rd. in Houston

DENVER—Locally based Industrial Property Trust has purchased a five-building industrial portfolio in Texas, Oklahoma and Kentucky. Although financial terms were not disclosed, the portfolio totals 1 million square feet. The buildings were sold on behalf of Timmons Realty and are in prime southern distribution markets, according to Avison Young , which brokered the sale. They are fully leased to Victory Packaging , which was recently acquired by Kapstone Paper and Packaging . Victory Packaging is a global packaging solutions company with more than 6 million square feet of warehouse space nationally. Avison Young’s national industrial capital markets team in Chicago, led by principals Erik Foster and Mike Wilson , along with principals Todd Mason and Jeff Lindenberger , with senior associate Andrea Gardner , in Houston; principal and managing director Marshall Davidson , along with senior associate Tate Hinkelman , in San Antonio; and principal Buddy Turner in Dallas, completed the sale. “Investors continue to have a strong appetite for well-leased buildings in strong industrial markets,” Foster explains. “This portfolio allows the buyer to leverage the strength of the industrial distribution sector across several high-profile markets, a factor that should bring enhanced value over the long term.” The five buildings in the portfolio include: •       A 190,565-square-foot building located at 302 West Rd. in Houston. Built in 2014, the building has 7,000 square feet of office space, 24-foot clear-height ceilings and 24 dock doors. •       A 247,861-square-foot building located at 1610 Cornerway Blvd. in San Antonio, TX. Built in 1990 and renovated in 2003, the property has 28,000 square feet of office space, 28-foot clear-height ceilings and 34 dock doors. •       A 150,000-square-foot building located at 7400 Trade Port Dr. in Louisville, KY. Built in 2009, the building has 4,042 square feet of office space, 26-foot clear-height ceilings and 20 dock doors. •       An 80,400-square-foot building located at 4949 SW 20th St. in Oklahoma City, OK. Built in 2000, the property has 3,720 square feet of office space, 20-foot clear-height ceilings and 12 dock doors. •       A 327,733-square-foot building located at 15101 Grand River Rd. in Fort Worth, TX. Built in 2014, the building has 15,000 square feet of office space, 32-foot clear-height ceilings and 25 dock doors. Check back in the next day or so for more from Avison Young on this sale as well as their national market overview and where investment activity is heading going into Q2.