HOUSTON, May 16, 2023 /PRNewswire/ — GTIS Partners (“GTIS”), a global real estate investment firm managing $4.3 billion in gross assets with a U.S. focus on residential and industrial/logistics investments, today announced the acquisition of a 26-acre land site to develop a 484,000 SF industrial project in the Houston Metropolitan Statistical Area (MSA).
The site is located in the port-centric southeast submarket, one of the most in demand submarkets in Houston. GTIS will develop this project itself in the fourth quarter of 2023 by constructing two buildings, a 355,000 square foot cross dock and a 129,000 square foot rear load, totaling 484,000 square feet. The firm will capitalize on the increasing container traffic at the port and the strategic location of the property located along Beltway 8, a key distribution artery for the Houston metro.
Robert McCall, Partner and Head of U.S. Industrial and Brazil Acquisitions at GTIS, said, “This transaction aligns well with our plans for purposeful expansion in MSAs across the U.S., and we look forward to breaking ground later this year so that we can provide two high-quality properties to future tenants.”
Gaurav Sahay, Managing Director of Industrial and Logistics at GTIS, added, “With this acquisition, we have the unique opportunity to deliver a project to tenants who are looking to locate to or expand in the southeast submarket, in an infill site that offers proximity to the Port of Houston, strategic highway access, and excellent visibility.”
Earlier this month, GTIS’s Industrial portfolio reached $1 billion with the acquisition and leasing of two industrial warehouse properties. The first in Nashville, TN, called Midway 840, a logistics warehouse strategically located along the I-840 industrial corridor, and 607 Meacham Road, located within the Charlotte MSA, together representing over $100 million in transaction value.
About GTIS Partners
GTIS Partners is a global real estate investment firm in the Americas, headquartered in New York with offices in São Paulo, San Francisco, Los Angeles, Atlanta, Charlotte, Phoenix, Dallas, Paris and Munich. The firm was started in 2005 and is managed by President and founder Tom Shapiro and seven other partners The firm manages $4.3 billion in gross assets and is active across a wide range of real estate sectors including single family and multifamily housing, office, industrial/logistics and hospitality as well as opportunity zone investments. The firm invests at various points in the capital structure including credit, common equity and structured equity. In the US, GTIS has invested in over 190 assets across 40 unique markets including growth areas such as Phoenix, Dallas, Houston, Denver, Atlanta, Tampa and Charlotte. In Brazil, GTIS is among the largest real estate private equity firms with holdings including office, residential, logistics, and hospitality investments. Marquee assets developed by GTIS Partners in São Paulo include the Infinity office building and Palácio Tangará, a five-star resort style hotel. For more information, please visit www.gtispartners.com.
Mary Beth Grover / Keely Gispan
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SOURCE GTIS Partners
Originally published at https://www.prnewswire.com/news-releases/gtis-partners-announces-land-acquisition-for-new-industrial-development-in-houston-301824836.html
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Real Estate - Miami in News originally published at Real Estate - Miami in News