Stonepeak agreed to pay Starwood Capital $244M for a 2.3M SF industrial park in the Houston area, according to a Green Street alert.

The trade of Independence Logistics Park, a six-building industrial property in La Porte near Port Houston, would be the Houston market’s largest warehouse trade since 2010, the website reported.

The acquisition marks the third big industrial purchase this year by Stonepeak, a New York-based investment firm with $70B of assets under management.

Stonepeak announced this week that it bought nine logistics assets totaling 1.8M SF in Jacksonville, Florida. It also bought a 1.7M SF industrial park in Chicago in April.

Hines developed Independence Logistics Park, which was built between 2005 and 2018, according to JLL’s sale listing. The 133-acre site is 96% leased by 14 tenants with a weighted average lease term of 3.6 years.

Miami-based Starwood REIT purchased the property for $195M in April 2021, according to Green Street. JLL brokered that deal as well, the report states.

In the most recent sale, bids came in above the $240M expected when the park was put up for sale in September, according to Green Street.

The sale adds to new investment activity in Houston’s industrial market that outpaces the national average, with occupancy climbing 50 basis points from midyear to total 92.9% at the end of the third quarter, according to Green Street and a JLL report.

Industrial transactions of $25M or more in Houston increased 49% year-over-year through the third quarter, according to Green Street’s Sales Comps Database, while the national market was slightly down due to a major drop in Southern California transactions.

The planned $244M sale comes about seven months after KKR announced it would put down $234M for Park 8Ninety, a 1.8M SF industrial complex developed by Artis Real Estate Investment Trust. That was the market’s second-largest single-property warehouse deal ever, Green Street reported at the time.

Completion of the Independence Logistics Park sale would make it the largest in the Houston market since December 2010, when the 3M SF Greens Port Industrial Park sold for $261.6M, according to Green Street. That was the largest single-property warehouse trade in Houston history, the report states.