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3210 Railport Parkway

Jeff McLendon Leases 550K SF Warehouse At Southern Star Logistics Park
LEASEDIndustrial

Jeff McLendon Leases 550K SF Warehouse At Southern Star Logistics Park

3210 Railport Parkway

Building Size

550,000 SF

Asset Type

Industrial

Closing

Jun 26, 2024

AI

The industrial property involved in the transaction is a 550,000 square foot warehouse located at 3210 Railport Parkway in Midlothian. This property is part of the Southern Star Logistics Park and features 25 acres of outdoor storage as well as dual rail service. The asset is valued for its robust power supply, catering to the increasing demand for ample power access in the midst of ongoing shortages and escalating industrial activity.

Summary of transaction details:

  • Property Type: Industrial
  • Transaction Amount: Not specified
  • Landlord: James G. Martell & J.C. Hay - Logistics Property Co.
  • Tenant: Jeff McLendon - Specialty Building Products
  • Market: Midlothian

Jeff McLendon, representing Specialty Building Products, secured a lease for the warehouse at Southern Star Logistics Park. He will be utilizing the 550,000 square feet of space along with the outdoor storage and rail service provided by the property. The landlords, James G. Martell and J.C. Hay from Logistics Property Co., facilitated the lease agreement, showcasing the collaboration between the tenant and the property owners in meeting the demands of the industrial market.

Players

Midlothian Industrial Market Snapshot

Boundary boundary · Industrial · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93