CenterPoint Properties purchased a 601,261-square-foot building on 31 acres at 3507 Pasadena Freeway in Pasadena, Texas. The Class A building has a rare combination of rail service by Union Pacific, BNSF and Kansas City Southern via the Port Terminal Railroad Association (PTRA), abundant rail car capacity, outdoor storage space and strategic port and highway access.
Rusty Tamlyn, Trent Agnew and Charles Strauss of JLL Capital Markets brokered the transaction between CenterPoint and Link Logistics Real Estate.
The property has numerous amenities that make it ideal for regional distribution. The building has six rail spurs giving it more rail car storage capacity than most rail-served buildings in the market. It also features a 32-foot clear-height, ESFR sprinkler system, 62 dock-high and 21 rail doors, outside storage and trailer parking.
“There are few buildings in the Houston market that can compare to this facility,” said Rives Nolen, CenterPoint senior vice president, investments. “The asset aligns extremely well with CenterPoint’s national port investment strategy.”
The Pasadena Freeway property is less than 20 miles from downtown Houston, but its location advantage centers on its prime access to the petrochemical industry, regional highways and the Port of Houston’s container terminals. Barbours Cut Container Terminal is 12 miles away from the property, and Bayport Terminal is 16 miles away.
The Port of Houston is the nation’s top-ranked port in total waterborne tonnage, foreign waterborne tonnage and vessel transits. It’s the sixth-largest container port in the country and the fastest-growing among the top 10. Port-area industrial demand is on the rise recently, and leasing activity is expected to remain strong in 2021.
“The rail service, tremendous storage and adjacent transload road truly make this property one of the most desirable in the market,” said Danielle Radtke, CenterPoint Senior Vice President, Asset Management. “When you consider it’s located at the Beltway 8 and Highway 225 intersection, near the center of Houston’s petrochemical complex very close to the Port, 3507 Pasadena Freeway is virtually unmatched in Houston,” Radtke concluded.
