Vault Partners Sells Fully Leased Houston Industrial Facility
Lunada Rose Partners has acquired Vault Distribution Center, a 185,413-square-foot industrial property in Houston. Vault Partners was the previous owner and developer of the facility, according to CommercialEdge information.
The initial asking price for the property was $21.9 million, but the final purchase price was not disclosed. The facility traded in an all-cash transaction.
The developer acquired the land in November 2022 and started construction on the 16-acre property in March last year. The distribution center came online earlier in 2024 and is already fully leased to Empire Auto Parts, as part of the company’s expansion into the Texas market. The agreement was signed last November, the same source shows.
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The Class A facility features 34 dock-high loading doors and two drive-in doors, 137 car parking spaces and 23 trailer stalls. Additionally, the building has 32-foot clear heights and ESFR sprinklers.
The distribution center is at 13612 Furman Road, providing easy access to Highway 288. Downtown Houston is within 12 miles, while the George Bush Intercontinental Airport is some 31 miles away.
Houston industrial facilities continue to trade
Houston’s industrial sector registered more than $1.2 billion in transaction volume year-to-date through July, according to the latest CommercialEdge industrial report. Assets in the metro traded for an average of $107 per square foot, slightly below the $135 national average.
In July, KKR acquired Park 8Ninety, a 12-building logistics park in Houston from Artis Real Estate Investment Trust. The approximately 1.8 million-square-foot asset changed hands for $234 million and was delivered in multiple phases between 2017 and 2022.
Earlier this year, KBS sold Clay Crossing Business Center, a 222,750-square-foot light industrial complex in Houston. Completed between 2000 and 2002, the four-building asset was acquired by HPI Holdings II LLC.
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