Stonepeak, a New York-based alternative investment firm, has expanded its Texas footprint again this year with the acquisition of a six-property, 2.3 million-square-foot logistics portfolio in metro Houston. Starwood Capital Group was the seller, according to CommercialEdge data.
The sale price for the La Porte, Texas, portfolio situated less than 8 miles from the Port of Houston was $244 million, as reported by IPE Real Assets.
The properties are located at: 359 Old Underwood Road; 359 Pike Court; 10100 Porter Road; 10052 Porter Road; 10051 Porter Road and 10025 Porter Road.
Stonepeak continues to invest in supply chain real estate anchored by essential port infrastructure because of its mission-critical role in local and national supply chains, according to a company statement.
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The Port of Houston is the fifth-largest container port in the U.S. Over the next five years, the port plans to invest $1.7 billion to modernize and expand. The region also has an extensive rail network anchored by Union Pacific, BNSF and CPKC.
Growing logistics portfolio
To date in 2024, Stonepeak has acquired 20 logistics assets totaling 7 million square feet including another Texas portfolio. The firm acquired two logistics assets providing a combined 1.1 million square feet in Fort Worth, Texas, in September from institutional investors advised by J.P. Morgan Asset Management. The company used a $57 million loan from PGIM Real Estate for the purchase. The assets are in the Alliance submarket of Dallas-Fort Worth, anchored by two rail lines, the BNSF Alliance intermodal terminal and the Fort Worth Alliance cargo airport.
Last month, Stonepeak purchased a 1.8 million-square-foot logistics portfolio with nine properties located near the Port of Jacksonville. The Florida port is also improving and expanding its critical infrastructure with a five-year investment of more than $1 billion. The portfolio is also near the CSX, Norfolk Southern and the Florida East Coast Railway, which are key railroad infrastructure support systems for the port’s traffic.
In April, Stonepeak acquired a three-building, 1.7 million-square-foot rail-served fully leased logistics portfolio at CenterPoint Intermodal Center-Joliet/Elwood—the largest inland port in North America—from CenterPoint Properties. The properties are adjacent to Chicago’s BNSF and Union Pacific intermodal terminals.
