Massive Houston-area industrial park sold
Houston Business Journal
Cedar Crossing, the largest industrial park on the Gulf Coast, has sold for an undisclosed price, the Houston office of Cushman & Wakefield announced Dec. 3.
At 10,897 acres, the property sold is three-fourths the size of Manhattan, and the deal is one of the single largest land sales in the history of the Houston area, according to Cushman & Wakefield.
Kelley Parker, John Littman, Coe Parker and Tim Thomas of Cushman & Wakefield represented the seller, Cedar Crossing LP, a partnership of area investors managed by Charles Iupe.
Beaumont- and Houston-based Trans-Global Solutions Inc., which has been the rail service provider for Cedar Crossing since its inception, is the majority owner of the buyer, TGS Cedar Port Partners LP. The new ownership plans additional infrastructure improvements that will be announced at a later date.
Cedar Crossing is 20 miles east of Houston in Chambers County and sits directly across the Houston Ship Channel from the Bayport and Barbours Cut container terminals.
Its total expanse of 15,000 acres makes it the world’s fifth-largest industrial park and the largest on the Gulf Coast, according to Cushman & Wakefield. About 65 percent is undeveloped and available for future expansion.
Several national and international companies have significant operations in the park, including:
- Atlanta-based Home Depot Inc.‘s (NYSE: HD) 755,000-square-foot distribution hub;
- Arkansas-based Wal-Mart Stores Inc.‘s (NYSE: WM) 4.2 million-square-foot import center, the company’s largest in the U.S.;
- India-based JSW Steel Ltd.‘s plate and pipe manufacturing facilities;
- Istanbul, Turkey-based Borusan Mannesmann’s $148 million steel pipe manufacturing facility; and
- Houston-based National Oilwell Varco Inc. (NYSE: NOV) facilities.