'First-Of-Its-Kind' 164K SF Truck Terminal Planned In Baytown
Dayton Street Partners purchased 47.4 acres for a Class-A speculative truck terminal in Baytown.
The property was purchased from the 15,000-acre TGS Cedar Port Industrial Park. Dayton intends to build a 164.6K SF speculative truck terminal, which the company is calling the first of its kind in Houston. It will have a 6K SF build-to-suit office, a guard shack, a 10K SF truck maintenance facility and a potential fueling station. It is expected to be complete in the second quarter of 2023.
“Houston has proven itself as a powerhouse logistics hub,” Dayton Street Partners founder and Managing Principal Howard Wedren said in a release. “The opportunity to join the incredible development at Cedar Port Industrial Park and bring the very first spec truck terminal to the area is tremendous and we look forward to continued involvement in Houston’s logistics market.”
NAI Partners' Gray Gilbert, Chris Haro and Jack Gilbert will lease the property, while Veritex Community Bank is providing construction financing.
Chicago-based Dayton Street Partners previously announced a redevelopment at 5800 Mesa Drive, a 500K SF logistics terminal. The deal was announced in May, though the affiliated company wasn't announced at the time.
High demand in the Houston industrial market, combined with declining vacancy, is leading to rising industrial rents across the city. Second-quarter 2022 rent is now 58 cents per SF, up from 49 cents per SF last year. And despite 19.4M SF of industrial property under construction, vacancy is down 3.8% over the last year, according to Q2 Savills data.
"Recent strong trade volumes, which grew by 16% in tonnage over the past 5 years, along with investments in port infrastructure are expected to support a healthy industrial market in the region over the long term," the Savills report says. "With robust demand reflected by quarterly leasing activity and net absorption, developers continue to be bullish building new product to meet tenant requirements."