HFF closes sale of two Port of Houston industrial buildings

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of Barbour’s Cut Business Park (top left photo) and Bayport Container Terminal (middle right photo), two industrial properties totaling 582,840 square feet in the Port of Houston.

The HFF investment sales team was led by senior managing director Rusty Tamlyn (middle left photo)  and real estate analyst Trent Agnew who represented the seller, Granite Properties, Inc. 

 Duke Realty Corporation (“Duke Realty”) purchased the properties for an undisclosed amount in an all cash transaction. 

The properties are part of a larger 15-property industrial portfolio HFF is marketing on behalf of Granite Properties in Houston and Dallas.

 Granite Properties made a strategic decision to divest of their industrial holdings and focus on office acquisitions in their existing markets and expand to the east and west coasts of the United States.

Barbour’s Cut Business Park and Bayport Container Terminal were developed in coordination with the Port of Houston Authority (lower right photo) and are fully leased to Gulf Winds International with more than 10 years of remaining lease term. 

They are located adjacent to container terminals at 1000-1200 East Barbour’s Cut in Morgans Point (Barbour’s) and 5300 State Highway 146 in Sea Brook (Bayport) along Houston’s Ship Channel.  Barbour’s Cut Business Park includes two buildings totaling 356,600 square feet and Bayport Container Terminal consists of a 226,240-square-foot building.

“Houston’s industrial market has outperformed its peers across the country and going forward it should show strong growth as absorption picks up due to the minimal overhang of supply,” said Tamlyn. 

“The assets Duke Realty acquired are in irreplaceable locations directly across the two container yards and fit nicely with their port/gateway city strategy.”

Granite Properties, Inc. is a diversified real estate investment and management company with offices in Atlanta, Dallas, Denver, and Houston.  Currently they own, manage and lease more than 10.5 million square feet of office, industrial and retail property.

Duke Realty is a real estate investment trust, publicly traded on the NYSE with a market cap of $2.78 billion.  Duke Realty currently owns more than 135 million square feet of industrial, office and medical office properties in 18 major U.S. cities.

Contacts:                      

Rusty tamlyn, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500,

rtamlyn@hfflp.com 

 Kristen Murphy, HFF Associate Director, Marketing, (713) 852 3500,

\krmurphy@hfflp.com