February 24, 2020 – JLL Capital Markets announced today that it has closed the sale of East Belt Business Park, a four-building, Class A industrial project totaling 350,000 square feet in Houston’s Southeast submarket.
JLL marketed the property on behalf of the seller, a fund advised by Morgan Stanley Real Estate Investing. TA Realty purchased the asset.
Developed in phases in 2004 and 2008, East Belt Business Park comprises two rear-load and two cross-dock buildings that feature 20- to 24-foot clear heights, 114 dock-high doors, 14 drive-up ramps, 510 parking spaces and truck courts ranging from 120- to 180-foot . Additionally, the property’s flexibility caters to tenants of all sizes, which has provided the ability to remain more than 90% leased since delivery. The project is situated on 23.7 acres at 1455-1485 East Sam Houston Parkway South in the highly sought-after Southeast submarket, which is the second-largest Industrial submarket in Houston. With frontage along Beltway 8 (Sam Houston Tollway), East Belt Business Park provides regional connectivity to the entire Houston MSA and is three miles from the Port of Houston, a 25-mile long waterway that services 8,200 vessels and 215,000 barges each year.
The JLL Industrial Capital Markets team that represented the seller was led by Managing Director Trent Agnew, Senior Managing Director Rusty Tamlyn, Director Charlie Strauss and Analyst Tom Weber.
“East Belt Business Park is a unique property that caters to tenants of varying sizes in a market focused on big box development,” Agnew said. “This was a highly competitive process that proved investor demand for high-quality product with upside potential.”