Sterling Investors is betting on Texas.
The New York-based real estate firm purchased two Texas industrial centers: CentrePort 2 in Dallas-Fort Worth and Northwest Logistics Center in Houston.
The sellers of both properties were entities affiliated with Singapore-based global logistics company GLP, tax records show. This week, the firm launched a China industrial fund, which will focus on industrial parks with Advanced Research Manufacturing capability. JLL Capital Markets arranged the sale.
CentrePort 2 spans 431,000 square feet, was constructed in 2017 and is a few miles south of Dallas-Fort Worth International Airport. It boasts easy access to state highway 360 and U.S. 183. Northwest Logistics Center spans 411,000 square feet and was constructed in 2018. It’s in northwest Houston, with access to U.S. 290.
The prices were not disclosed. CentrePort 2 was appraised at $23.4 million last year, and Northwest Logistics Center was valued at $39.2 million, according to county appraisal district records.
The JLL team that arranged the sale included Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold.
Industrial net absorption in Dallas-Fort Worth and Houston accounted for 23 percent of the U.S. total last year, JLL said in the release. In the third quarter of 2023, asking rent in Houston was 77 cents per square foot; in DFW, it was 75 cents per square foot, according to data from Partners Real Estate.
Sterling Investors was founded in 2020 by Khaled Kudsi, who was previously head of acquisitions at Northwood Investors. The firm specializes in industrial property and self-storage.
This purchase represents the firm’s first industrial holdings in the Lone Star State. It owns three self-storage properties in Texas: a 72,000-square-foot building in College Station, a 96,000-square-foot building in Leander, and a 71,000-square-foot building in Round Rock.
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