Westcore, a leading West Coast industrial real estate acquisition, development and asset management firm, acquired Cedar Port Park consisting of four industrial buildings encompassing 210,000 square feet. Westcore purchased the industrial park, located at the corner of FM 1405 and Oscar Nelson Junior Drive in Baytown, Texas, from Texas-based seller NIT Industrial for an undisclosed price.
The newly developed property is part of Cedar Port Industrial Park, which at 20,000 acres is the largest master-planned, rail-and-barge served industrial park in the U.S. Cedar Port Park was particularly attractive to Westcore because it is adjacent to the business terminals at the Port of Houston. The property also features 40-foot access drives, heavy haul roads throughout Cedar Port, 200-foot truck courts and proximity to public barge and rail terminals within the park.
“We are thrilled with the acquisition of Cedar Port Park and its location within one of the nation’s largest business parks,” said Westcore Managing Director Peter Mette. “We acquired this modern, state-of-the-art property on an attractive basis and see great momentum in this submarket.”
According to Colliers International’s second quarter industrial report, leasing velocity was up 30% from the first quarter in Houston overall, and vacancy dropped 10 basis points.
Cedar Port Park is one of two new properties that Westcore agreed to purchase from NIT Industrial in Texas. The other project, Eisenhauer Business Park in San Antonio, Texas, is still under construction and will consist of four buildings and 377,314 square feet once complete in early 2022.
“We are excited to add these new, quality industrial projects to our Texas portfolio and look forward to adding some outstanding companies to our tenant roster,” Mette added.
NIT Industrial and Westcore both represented themselves in this transaction.
Westcore acquired over $1 billion worth of industrial real estate in 2020, comprising over 11 million square feet of building space. Westcore currently owns property in 13 states.
Founded in 2000, Westcore is a fully integrated industrial real estate investment company with institutional scale and capabilities. Since its founding, Westcore has acquired, managed and sold more than $10 billion in assets, comprised of more than 1,000 buildings and totaling over 100 million square feet. In addition to its U.S. headquarters in San Diego, Westcore has regional offices in Los Angeles, Oakland and Dallas.