Triten Real Estate Partners (TREP) announced further expansion of its industrial service facility (ISF) portfolio with the off-market acquisition of a less-than-truckload (LTL) cross-dock facility in northwest Houston from XPO Logistics Inc. (NYSE: XPO).
The 19,000-square-foot terminal with 59 doors sits on 7.8 acres, providing a trailer storage yard and parking. The facility is located on U.S. Highway 290 and in close proximity to freight corridors like Interstates 10 and 45.
“The acquisition is part of a long-term sale-leaseback with XPO Logistics,” according to the release. Financial terms were not disclosed.
XPO acquired the facility when it purchased LTL carrier Con-way in 2015 and has occupied it since.
“We continue to build our ISF portfolio around secular e-commerce growth trends; 6816 Fairbanks is a mission-critical facility for XPO Logistics as they continue to serve their growing LTL market share in Houston,” said TREP associate principal Charles Lintakoon.
Founded in 2011, TREP operates out of offices in both Dallas and Houston, managing more than 3 million square feet with $550 million in gross assets. The firm is a buyer of industrial service facilities throughout Texas and the nation.
The company recently acquired a logistics facility in Waxahachie, Texas, operated by Celadon.
“Triten remains focused on aggregating and developing a diversified portfolio of Industrial Service Facilities that is critical to the backbone of the U.S. economy,” concluded Lintakoon.
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