Sterling Investors acquires the 842,312-square-foot industrial portfolio
News release
15 February 2024
Sale of two logistic centers completed in Texas
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DALLAS, Feb. 15, 2024 – JLL Capital Markets announced today that it arranged the sale of two industrial logistics centers, Northwest Logistics Center in Houston and CentrePort 2 in Dallas/Fort Worth (DFW).
JLL represented the seller and procured the buyer, Sterling Investors.
CentrePort 2 is a 430,852-square-foot, cross-dock building, built in 2017 and featuring 97 dock doors and 32-foot clear heights. The property is located in the Upper Great Southwest submarket, directly south of DFW International Airport and with direct access to Highway 360 and Highway 183.
Northwest Logistics Center is a 411,460-square-foot, cross-dock building, built in 2018 and featuring 138 dock doors and 32-foot clear heights. The property is located in the Northwest submarket of Houston, within three miles of US-290.
In 2023, DFW and Houston achieved a combined 50 million square feet of positive net absorption, which accounted for over 80 percent of total net absorption in Texas and over 23 percent of the U.S. total. Both markets continued to see accelerated rent growth in 2023, with rents outpacing the prior year by 15.6 percent in Houston and 16.6 percent in DFW.
The JLL Capital Markets team was led by Industrial Group Co-Head and Senior Managing Director Trent Agnew, Senior Directors Charlie Strauss and Parker McCormack, Directors Tom Weber, Lance Young and Pauli Kerr, Associate Matthew Barge and Analyst Brooke Petzold.
“It was a pleasure to work with both parties to put together an entity sale on these two infill, Class A buildings,” said Agnew. “With the strength of the Texas industrial markets we continue to see capital pushing to get more exposure within the state as the growth prospects look incredibly bright over the next few years, especially as the construction pipeline falls off in 2024.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sterling Investors, LP
Sterling Investors, LP is a privately held, employee-owned real estate investment advisor that was founded in 2020 by Khaled W. Kudsi, the former Head of Acquisitions at Northwood Investors. Sterling invests in all types of real estate transactions and is a long-term investor focused on the acquisition of high-quality assets across a subset of targeted investment themes. Sterling operates a fully discretionary $411 million fund vehicle raised from institutional limited partners, including large university endowments and foundations. To learn more about Sterling Investors, LP, visit sterling-investors.com