Academy Sports + Outdoors headquarters campus sells for $190M in Katy
Mirae Asset Global Investments of Seoul, South Korea has purchased the 1.5 million-square-foot property at 1800 North Mason Road for $190 million, according to commercial real estate firm Newmark.
The property, situated on more than 93 acres, is occupied by Academy under a long-term, triple-net lease where the tenant pays the property expenses. It consists of 1.25 million square feet of industrial warehouse space and 250,000 square feet of office space, according to Newmark.
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A team of brokers from Newmark’s Net Lease Capital Markets Group and International Capital Markets Group represented the seller, Tratt Properties, a Phoenix-based company focused on logistics and e-commerce properties across the U.S. Newmark also assisted with acquisition financing.
“Industrial assets occupied by high-credit tenants with strong e-commerce business continue to underlie investor interest in the net lease space,” Newmark Executive Managing Director Ken Hedrick said in an announcement. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions. The scarcity and increasing value of land in the west Houston area further enhance the property’s value.”
Mirae made another big purchase in Houston last year with the acquisition of Amazon’s fulfillment center in Pinto Business Park.
Founded in 1938, Academy has more than 250 sporting goods and outdoor stores and annual sales totaling nearly $6.8 billion.
