238,000 SF Building Part of a 41-Acre Tract Sold to Stonelake Capital Partners
July 13, 2020
Houston – Transwestern Development Company (TDC®) announces it has sold its final phase of West Ten Business Park, which includes a 238,000-square-foot last-mile facility fully leased by Amazon at 28420 West Ten Blvd. in Katy, Texas. Stonelake Capital Partners purchased the 41-acre site from a joint venture between Transwestern Development Company and UBS Realty Investors. In addition to the building, the site includes a 1,100 space, 15-acre surface parking lot utilized by Amazon for delivery staging, as well as a 14-acre tract for future development.
“We are very pleased with the culmination of this project, achieving superior results for our investors,” said Will Paton, Partner at Transwestern Development Company. “Given the current market conditions, this sale is even more of a testament to both development quality and tenant creditworthiness. We appreciate Stonelake’s motivation to see this transaction through, despite the challenging circumstances.”
In 2014, Transwestern and UBS purchased a 74-acre site within the West Ten Business Park developed by Parkside Capital. Transwestern developed phase one, consisting of two buildings totaling 415,000 square feet, which were both leased and purchased by Bel Furniture. Phase two was both delivered and fully leased to Amazon in 2019.
The JLL capital markets team of Rusty Tamlyn, Trent Agnew and Charlie Strauss represented the seller in the Amazon building disposition. Transwestern’s industrial services team, led by Brian Gammill, executed the sale of the adjacent land parcel.
“This is a compelling investment opportunity with state-of-the-art construction and a high-credit tenant,” said William Peeples, Principal at Stonelake Capital Partners. “The building will be combined with our existing industrial portfolio, which now totals 11 million square feet. Additionally, we are planning to break ground on the 14-acre site with an approximately 180,000-square-foot distribution center on a speculative basis. We commend the Transwestern team and we look forward to our growing presence in the West Ten Business Park.”
About Transwestern Development Company
Transwestern Development Company (TDC®) creates real estate landmarks for itself, its partners and valued customers throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $5.6 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.