Vigavi and CBRE Complete Sale of Newly Developed Distribution Center

13 Jul 2020

730 Genoa Red Bluff 608x436

CBRE announced today the sale of a 170,476 square-foot distribution center at 730 Genoa Red Bluff Road in Houston. Nathan Wynne and Cape Bell with CBRE represented the seller, Vigavi SEDC, LLC. The buyer, Hallmark Floors purchased the newly constructed facility, represented by David Buescher and Louis Tomaselli with JLL. 

“Hallmark Floors is proud to announce our expansion into the Houston Market with the addition of a 170,476 square-foot warehouse and office facility,” said Tony Pan, Chairman of Hallmark Floors, Inc. “Ideally located near the Port of Houston, we will be able to better serve our distributors and dealers east of the Rockies. We appreciate how welcoming the City of Houston and the Port of Houston Authority have been in helping us get underway – we look forward to our future here.”

“With this year’s economic changes, companies are taking a closer look at their supply chains and this front-load distribution center represented a strategic opportunity to be closer to consumers and manufacturing locations,” noted Mr. Wynne. “Vigavi developed the distribution center recognizing a strong user demand for high-quality industrial assets in the Houston market.”

Based in Houston, Vigavi is a privately held industrial real estate investment and development firm. The company has been investing and developing in Houston for the past decade, and recently expanded its core focus within industrial from single-tenant business parks, to institutional-grade distribution assets, which are larger in scale. Vigavi has acquired land positions in several of the major industrial submarkets and has another 700,000 square feet of development planned in the near term.  

“We are pleased to have completed the development and sale of Southeast Distribution Center, which successfully weathered the onset of COVID-19 at critical stages of the project and transaction, thanks to our committed and capable team and partner companies,” stated Luis Villarreal, Vigavi’s Managing Principal.  “We have thoroughly enjoyed working with Hallmark Floors to facilitate its expansion in the Houston market, and greatly appreciate the integral support from the teams at JLL and CBRE.”  

Burton Construction acted as the general contractor on the project, and Powers Brown served as the architect, with WGA as the civil engineer. Construction financing was provided by Amegy Bank.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.