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Packwell, which primarily packages plastic resin, locked down a 286k SF industrial lease at Bayport Distribution Center in Pasadena. The rail-served bulk warehouse, near West Fairmont Parkway and Underwood Road, is owned by Industrial Property Trust of Denver. Packwell plans to use the site for plastic resin storage, according to Realty News Report. CBRE SVP Bill Rudolf repped Packwell, and the landlord was repped by Cushman & Wakefield's Jason Dillee.
Petrochemical strength is creating a frenzy for rail-served distribution product in east Houston. NAI Partners' John Simons estimates that 80% of large industrial tenants demand rail access. Rail is a bigger incentive for distribution tenants than water access and pipeline access. [RNR]
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