Meritex Purchases 121,520-Square-Foot Industrial Property in HoustonOctober 30, 2018 Houston, TX
HOUSTON – The Meritex Company continues to increase its presence in the Houston market with the acquisition of Park 225, a 121,520-square-foot, Class A, multi-tenant light industrial building. Meritex closed on the property on October 24.
Dan Ward, the director of investments for Houston at Meritex, says, “Park 225 is an attractive asset due to its location. The building is at the interchange of Highway 225 and Beltway 8, providing excellent access to Houston’s vast petrochemical industry, the Houston Ship Channel and to both Barbour’s Cut and Bayport Container Terminals of the Port of Houston.”
The strategic location is attractive to tenants in the petrochemical, port and shipping, distribution, and light manufacturing industries. The building is already fully leased to four tenants.
Park 225 is Meritex’s third acquisition in Houston and brings the company’s industrial portfolio to almost 500,000 square feet of assets owned and managed in the metro area. Texas is a key expansion market for Meritex, which is also currently exploring opportunities in the Dallas-Fort Worth area.
Ray Kivett, CIO at Meritex, says, “We plan to own Park 225 long-term. Houston continues to have favorable property and market fundamentals and remains a targeted expansion market for Meritex.”
The Southeast Industrial submarket has 3.3 percent market vacancy and experienced over one million square feet of absorption in Q1 2018.
Tom Lynch, an investment sales broker at CBRE, helped with the acquisition. Property management will be provided by Stream Realty’s Houston office.