Newcor, is pleased to announce a significant capital acquisition, with the firm's first investment in the industrial outdoor storage (IOS) sector. This strategic acquisition took place on March 18, 2024, and is located at 1500 Miles St., just two blocks from Watco’s Greens Port, which is one of the busiest terminals serving the Port and Houston’s Ship Channel.
The newly acquired property is 2 acres of stabilized land and is fully fenced and gated. Newcor’s value-add strategy is to implement improvements such as installation of electrical infrastructure to support lighting and power for the site and adding a small office building.
Newcor recognizes the unique position of this IOS facility due to its proximity to Greens Port and Interstate 10. This location is ideal for industrial companies seeking additional space for equipment or material storage. The flexibility of the property will allow for a wide range of industrial uses, catering specifically to the needs of businesses operating in and around the busy port.
The acquisition aligns with Newcor's strategic goals to diversify its portfolio and capitalize on the growing demand for industrial outdoor storage spaces. “Locating and closing on this off-market, value-add opportunity is a perfect fit for our strategy to continually add value to our portfolio of properties serving the industrial sector and tenants. Sites like these are in high-demand in this area convenient to the port and major arterial interstates like I-10, Loop 610 and Beltway 8” said Rob Banzhaf, CEO and Founder of Newcor.
For more information check out our news post on IOSList!