Houston Business Journal - Florian Martin
A new distribution center in Katy has traded hands a year after being completed and months after being leased.
Dallas- and Shreveport, Louisiana-based Sealy & Co. acquired Pederson Logistics Center from Houston-based Triten Real Estate Partners about six weeks ago, said Derrick Jones, Sealy’s Houston regional director.
Triten completed the 343,760-square-foot warehouse at 574 Pederson Road, between U.S. Highway 90 and Interstate 10, last summer.
In November, Taiwan-based Johnson Health Tech signed a full-building lease and planned to hire dozens of employees to work at the facility, CBRE leasing agent Boomer White told the Houston Business Journal at the time.
CBRE’s Nathan Wynne represented Triten in the sale to Sealy, which did not use a brokerage.
Sealy’s acquisition comes a few months after it purchased another warehouse in the Houston area, The Great 290 Distribution Center in Waller, from Houston-based Pagewood.
It brings the company’s total number of industrial properties in the region to eight. In addition, Sealy has been a joint venture partner with Houston-based Investment & Development Ventures LLC in three industrial developments: Katy Anserra, Thompson 10 in Baytown and Park 225 in Pasadena.
While Sealy is active across the United States, its main focus is on Houston, Dallas — where it has nearly 40 properties — and Atlanta, Jones said.
“We’re very bullish on Houston,” he said. “And we continue to evaluate various assets and opportunities in the market and look forward to making some additional acquisitions in the coming quarters.”
Sealy’s acquisitions are opportunity-based, he said, highlighting Pederson Logistics Center’s strategic location off I-10 and cross-dock functionality as what makes it attractive.
The warehouse has 36-foot clear heights with 74 dock doors, four drive-in ramps, and 63 trailer and 234 car parking spots on about 23 acres.
It also helps that the property is fully leased — as is The Great 290 Distribution Center — though Jones said that’s not a requirement for acquisitions.
“We're not opposed to taking on vacancy, so long as there is a good story behind it and the market can support it,” he said.
The development, leasing and selling of Pederson Logistics Center aligns perfectly with Triten's strategy of identifying and maximizing high-potential industrial assets, Triten Partner Will Hedges said in a statement.
“This transaction enables us to reinvest in new opportunities and continue to drive growth in key markets, reinforcing our commitment to delivering exceptional industrial real estate,” he said.
The site presented some challenges, such as an underground pipeline system, that deterred other developers, Triten said. The company worked with experts to develop a plan and overcome those challenges, it said.