Michael Dorrell Of Stonepeak Acquires Independence Logistics Park From Barry Sternlicht For $244M

The property involved in the transaction is located at 10052 Porte Road, La Porte, Texas. It encompasses an industrial complex totaling 2,300,000 square feet and is valued at $244,000,000, equating to a price per square foot of $106.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $244,000,000
• Square Footage: 2,300,000 SF
• Address: 10052 Porte Road
• Market: La Porte
• Buyer: Michael Dorrell - Stonepeak
• Seller: Barry Sternlicht - Starwood Capital
• PPSF: $106

The deal was facilitated by Michael Dorrell, representing Stonepeak, and Barry Sternlicht, representing Starwood Capital. Notably, Stonepeak's acquisition of Independence Logistics Park marks its third major industrial purchase this year and represents Houston’s largest warehouse trade since 2010. The six-building park was developed by Hines and is currently 96% leased.