Floor and Décor Outlets of America Inc. purchased 99.3 acres at TGS Cedar Port Industrial Park to build a 1.5M SF distribution center.
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Floor & Décor closed on the property in December and started construction of the building pad shortly after, with the goal of reaching completion by the end of 2021. The cross-dock distribution center will service the south-central U.S.
TGS Cedar Port Industrial Park is the largest master-planned, rail-and-barge-served industrial park in the U.S. and offers access for distribution, manufacturing and terminal operations. Cedar Port has more than 16M SF of industrial and manufacturing warehouses existing or under construction. The park includes end users such as Walmart, Ikea, Home Depot, Ravago, Vinmar, PBP and DHL.
NAI Partners represented the buyer. The seller was TGS Cedar Port Partners LP.
SALES
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Supermercados Teloloapan Management Co. purchased 31.8K SF of industrial space at 1713 Townhurst Drive in Spring Branch, within the Town & Country Business Park. The property will be used as the buyer’s headquarters. Rice Realty Group represented the buyer, while Shaw Commercial Properties represented the seller, Bone Properties Inc.
FINANCING
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Berkadia has arranged debt financing and secured an equity partner for the acquisition of The Henry at Liberty Hills, formerly known as SYNC at Liberty Hills, a 228-unit luxury garden-style community at 15330 Liberty River Drive. Built in 2012, The Henry at Liberty Hills has one-, two- and three-bedroom units. Community amenities include a business center, conference room, game/media room, swimming pool, fitness center and bark park.
Berkadia originated a Freddie Mac 10-year, floating-rate loan along with a preferred equity investment to facilitate the purchase of the asset. Berkadia’s Cutt Ableson and Colin Marusak arranged debt and equity financing on behalf of the sponsor, Momentum Multifamily, a Dallas-based investment group.
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