MDH Partners has acquired Cedar Port IKEA, a 996,482-square-foot industrial distribution center in Baytown, Texas, near Houston. JLL represented the seller, identified by CommercialEdge as Blackstone’s Link Logistics.
Also known as Cedar Port Distribution Park, the asset is fully leased to Ikea and consists of two similar facilities: Building A, of 495,462 square feet, and Building B, of 510,020 square feet.
Both Class A warehouses came online in 2017 and feature 32-foot clear heights, large 190-foot truck courts, ESFR sprinkler systems, abundant trailer parking and future rail capability.
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Located at 4762 and 4830 Borusan Road, the industrial campus is only 2 miles from State Highway 99 and some 13 miles from Barbours Cut Container Terminal, offering regional connectivity and streamlined access to the Port of Houston.
The property is part of Cedar Port Industrial Park, reportedly the largest master-planned, rail- and barge-served industrial park in the U.S. The 15,000-acre campus features heavy utilities and tenants such as Walmart, GE, DHL and The Home Depot.
JLL Industrial Group Co-Lead & Senior Managing Director Trent Agnew, Senior Director Charlie Strauss and Director Lance Young led the Capital Markets Investment Sales and Advisory team representing Link.
Balanced growth
For the first time in more than 18 months, construction of industrial space in metro Houston rose quarter-over-quarter to a total of 8.8 million square feet, according to a third-quarter report from JLL.
Deliveries year-to-date have amounted to about 15 million square feet. However, occupancy gains in the third quarter outpaced completions nearly two-to-one, pushing total vacancy down to 7.1 percent, also per JLL.
Around the beginning of September, Safespill signed a full-building lease for Ares Management’s 192,400-square-foot Brittmoore Industrial Development, a Class A infill distribution facility in Houston. Transwestern Real Estate Services and Colliers represented the tenant and the owner, respectively.