JLL’s Capital Markets experts today announced the firm completed the sale and leaseback of a 133,480-square-foot industrial distribution facility at 7350 Langfield Road in Houston, Texas.
Denver-based Industrial Property Trust (IPT) purchased the property. The seller of 7350 Langfield owns both Warrior Creek Realty, the entity that sold the property, and T&L Distributing, the tenant occupying the entire building. T&L Distributing will leaseback 100 percent of the property from IPT.
“We are seeing sustained demand for quality distribution space in Houston, particularly in the northwest industrial submarket,” said Volz. “Industrial Property Trust owns a number of surrounding assets near 7350 Langfield and were interested in acquiring more properties in the area. The resulting transaction brought value to both the buyer and seller.”
In addition to its Houston headquarters, flooring distributor T&L Distributing has seven regional warehouse locations serving Texas, Oklahoma, Louisiana, Mississippi, New Mexico and Arkansas.
Expansion in the consumer goods sector brought on by consistent population growth, has resulted in sustained demand for quality distribution space in Houston. In particular, the northwest industrial submarket has been a destination for owners and users of warehouse and distribution facilities in recent years. In the second quarter of 2017, the northwest led all submarkets in occupancy growth, recording approximately 775,000 square feet of positive net absorption, according to JLL research.
Features of 7350 Langfield include 34 dock high doors, 30-foot clear heights, outside storage, and convenient access to U.S. Highway 290 and Beltway 8.