CORPUS CHRISTI, Texas, July 6, 2021 - MDH Partners announces the acquisition of two industrial warehouses in Corpus Christi and Edinburg, Texas. Both properties are leased to Goodman Distribution, Inc., one of the largest HVAC manufacturers and distributors in the United States. MDH Partners closed on the transaction in less than 30 days.
“The purchase of the Goodman portfolio further demonstrates our commitment to long-term investment in the rapidly growing Texas industrial market,” said Georga Rowe, Managing Director at MDH Partners. “These warehouses are strategically located with easy access to major freeways, and the business-friendly environment, labor force, and room for future growth position Goodman for continued success over the next 10 years. We remain aggressive and strategic in the expansion of our industrial portfolio this year, and we look forward to maintaining this momentum in the months ahead.”
Located at 5609 Park Road, the 40,680-square-foot warehouse in Corpus Christi, Texas, is situated on 2.19 acres of land. The asset features new tilt-wall construction, five dock-high doors, one grade-level door and three pickup truck-high doors. Approximately 140 miles south of Corpus Christi and located at 301 West Owassa Road, the 41,875-square-foot warehouse in Edinburg, Texas, is situated on 3.60 acres of land and also features new tilt-wall construction, five dock-high doors and two grade-level doors.
The warehouses were developed by Stream Realty Partners. Goodman Distribution, Inc. recently signed a 10-year, triple-net lease for both buildings.
The purchase of the Goodman portfolio increases MDH Partners’ Texas footprint to nearly 1.1 million square feet. The firm announced the purchase of a 104,000-square-foot distribution center in Dallas in June. Additionally, the firm acquired two cold storage facilities in Dallas and San Antonio through a sale-leaseback deal with Surlean Foods in April, and a 150,000-square-foot, Class-A warehouse in San Antonio in May.
Both Edinburg and Corpus Christi boast a large labor force and strong infrastructure due to their close proximity to public universities, access to major freeways and key position in the largest trade corridor in the world between Mexico and the United States. According to Marcus & Millichap and CoStar, rents in the Edinburg and Corpus Christi submarkets have posted gains of 3.1 and 2.6 percent over the past 12 months, respectively. These increases represent a continuation of new development in the submarkets and are consistent with the generally high level of activity over the past three years.