Rentv.com: Stos Partners Acquires 1.35 msf Industrial Portfolio in TX at U.S. Border
Stos Partners purchased an eight-building, 1.35 msf multi-tenant industrial portfolio in the U.S. border city of Laredo, TX, in an off-market transaction worth $88 mil ($65/sf). The asset was purchased in a joint venture partnership with institutional investor Washington Capital Management on behalf of one or more of its investment clients.
The properties are located at 11302 A/B/C East Point Drive, 417 Union Pacific Blvd, 418 Union Pacific Blvd, 505 Union Pacific Blvd, 11921 Hayter Rd and 11909 Hayter Rd in Laredo, Texas. They are just five miles from the City of Laredo’s World Trade Bridge and World Trade Port of Entry, which is the busiest commercial crossing in the United States, facilitating more than $300 bil in imports and exports annually.
They were sold by a privately held, national real estate firm. Stos Partners signed several new leases during escrow, adding to a tenant base comprised primarily of publicly traded credit tenants.
The City of Laredo is widely recognized as the number one inland port along the U.S.-Mexico border. More than 2.5 million trucks crossed the border in 2017, and the market is also home to 510 freight forwarders, 210 trucking companies, and 105 U.S. Customs Brokers.
“The Laredo submarket has historically been a challenge to transact in due to tightly controlled supply. This combined with the unwavering demand by national companies with a must have presence make it one of the most attractive industrial markets in the country,” says Jason Richards, a Partner at Stos Partners. “Industrial vacancy in Laredo stands between 1 and 2 percent, with vacancy rates averaging 4.65 percent and never exceeding 8.8 percent over the last 16 years.
Article source: rentv.com