The acquisition of the 1.3 million-square-foot property in suburban San Antonio marks the company’s fourth logistics purchase worldwide this year.
Hines has acquired a 1,262,294-square-foot Amazon fulfillment center in Schertz, Texas. The new owner spent $129.2 million for the building, according to the company’s SEC filings. The sale is the company’s fourth global logistics purchase this year. The Class A warehouse last traded in 2016, when Circle Industrial acquired the property, CommercialEdge data shows.
The facility is situated at 6000 Schertz Parkway, which is less than 1 mile from Interstate 35 and 20 miles from downtown San Antonio. The location grants access to the Texas Triangle, which serves a population of more than 25 million people living in or around Austin/San Antonio, Houston and the Dallas/Fort Worth metro areas. Completed in 2013, the building occupies 96 acres and includes 72 dock high loading doors.
At the beginning of December, Hines sold two industrial assets in Dallas and Houston for $171 million. The buildings in the 1.8 million-square-foot portfolio were completed in 2019 and were fully leased to a single tenant under long-term lease agreements.