Crow Holdings Industrial Picks Up 700 KSF Houston Facility
- Mar 23, 2018
Crow Holdings Industrial has acquired the former Randalls 700,644-square-foot grocery warehouse and distribution center in Houston from Albertsons Cos. The sales price for the 70.24-acre property was not released.
Philadelphia-based real estate firm Binswanger marketed the property and represented the seller in the transaction. Holmes Davis, senior vice president in Binswanger’s Dallas office, handled the deal for Albertsons Cos. Cory Driskill, managing director, Houston, and Will Mundinger, senior managing director, Dallas, both of CHI, handled the purchase on behalf of the company.
CHI, the industrial development arm of Dallas-based Crow Holdings, focuses on the development of speculative and build-to-suit industrial projects nationwide. The company plans to expand the site and the facility with three additional buildings. The total project size will exceed 1 million square feet and the buildings will be targeted to serve a wide range of tenants in the cold storage and distribution industries.
The existing facility comprises 398,000 square feet of grocery/dry warehouse space; 119,500 square feet of perishable/cooler warehouse space; 113,200 square feet of frozen warehouse space and 6,200 square feet of office space.
Albertsons, the Boise, Idaho, parent of Randalls, closed the site about a year ago, when it consolidated operations into a facility near Dallas-Fort Worth, according to the Houston Business Journal.
Located at 10700 Telge Road in the Aberdeen Business Park in Northwest Houston, the property is about 20 miles from the city’s central business district. It has easy access to the region’s main highways, including U.S. Highway 290, the Sam Houston Tollway 8 and Interstate 10. Houston International Airport is 30 miles from the site, Houston Hobby Airport is 38 miles and the Port of Houston about 32 miles.
CHI has more than 4.8 million square feet of industrial developments owned or under construction. Last May, Crow Holdings Capital Real Estate announced it was developing a 1.2 million-square-foot industrial park at the southwest intersection of interstates 35 and 20 in Lancaster, Texas. Construction is expected to be completed this year. More recently, CHI made moves to expand its presence in Chicago, tapping Matt Kurucz in February to serve as the managing director of the new Chicago office.
Binswanger has also been active elsewhere in Texas, representing Eliken Property management in the sale of 2200 South Business 45, a 1.5 million-square-foot distribution center in Dallas to Solo Cup/Dart Container earlier this month.
Image courtesy of Binswanger