BAYTOWN, TX—More than 241 million tons of cargo move through Port Houston annually, making it a national leader in total traffic and an exceptional location for logistics properties. And, another project is underway there, an important starting point for logistics delivery throughout southeast Texas.
Financing was secured in the amount of $65 million for development of the first phase of the Port 10 Logistics Center near Port Houston. The logistics center will provide facilities with flexible layouts in a prime location, at the intersection of Interstate 10 and Route 330, that also offers direct access to rail lines.
The first phase consists of four buildings on a 100-acre site totaling 992,669 square feet. When completed, the project will include eight buildings totaling more than 3 million square feet on an additional approximately 146 acres.
“Strong market fundamentals continue to drive investor and lender interest in Houston's industrial market,” JLL senior vice president James Brolan tells GlobeSt.com. “Consistently high occupancy and steady absorption through the energy downturn has spurred several significant developments, given the long-term favorable market performance.”
JLL's Capital Markets experts secured the financing on behalf of Pontikes Development. First Tennessee Bank provided the first lien, while Nationwide provided mezzanine financing. Managing director Paul House, senior vice president Jonathan Paine and Brolan led the JLL team on the financing.
“This strategic location is a vital starting point for logistics delivery throughout southeast Texas and provides a concentrated location for Port Houston's primary outbound container trade with Latin America and Asia. We continue to see investors seeking to invest into the area's multi-modal logistics hub,” said House.
In 2016 alone, JLL Capital Markets completed $145 billion in investment sale, and debt and equity transactions globally. The international team comprises more than 2,000 specialists.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
