CenterPoint Properties closed on the new Class-A TruePort Distribution Center at 2830 E. Pasadena Blvd. in Deer Park, Texas.
The 254,705-square-foot cross-dock warehouse is fully leased to Ironwear, a manufacturer of personal protection safety products.
CenterPoint’s Central Region senior vice president of investments, Rives Nolen, highlighted the building’s proximity to the Port of Houston’s Barbours Cut and Bayport terminals—6.5 and 10 miles from TruePort, respectively—and easy access to Beltway 8 and state highways 225 and 146 as particularly attractive components of this acquisition.
Nolen said his regional team had placed its Houston market focus on finding investment opportunities in the “Petrochemical Corridor” west of the port’s primary terminals in recent years, coinciding with the port’s significant growth.
Port officials say the nation’s fifth-largest port and the leader in waterborne tonnage has seen a 27 percent increase in volume since 2020. Late last year, the Port of Houston Authority announced more than $1.7 billion will be spent on landside infrastructure improvements over the next five years, which comes on the heels of more than $1.5 billion invested in land and waterside improvements in recent years. According to officials, a channel expansion project, “Project 11,” is on track for completion in 2027.
“Along with its location, this facility has features that give the tenant a significant advantage,” added Justin Gallagher, CenterPoint’s Central Region investment officer. He underscored TruePort’s 36-foot clear height and parking for 59 trailers – both above market average – as two examples. The asset also has 44 dock-high doors, four drive-in doors, a 14,660-square-foot office, and its nearly 13-acre property can accommodate parking for 153 cars.
The JLL Capital Markets Investment Sales and Advisory team led by Senior Managing Director and Industrial Group Co-Lead Trent Agnew, Managing Director Charlie Strauss, and Director Lance Young facilitated the off-market transaction.
CenterPoint’s Houston portfolio is comprised of 18 properties and 2.6 million square feet of industrial warehouse space.
