Triten Real Estate Partners (TREP) announced Tuesday that it has acquired the headquarters of Polar Service Centers, a parts and repair service provider to the tank trailer industry. The off-market acquisition is part of a long-term sale-leaseback agreement.
Financial terms of the transaction were not disclosed.
The Northeast Houston property is located at the intersection of major thoroughfares, Beltway 8 and Highway 90. The 58,700-square-foot facility has a 23-door maintenance facility, 10 acres of parking and storage, and corporate offices.
“We are excited to partner with Polar Service Centers — a leader in the tank trailer industry with over 32 mission-critical locations,” said TREP associate principal Charles Lintakoon. “7600 East Sam Houston is a great addition to the Triten ISF portfolio where we continue to focus on mission-critical facilities with a large outdoor storage component.”
Founded in 2011, TREP operates out of offices in both Dallas and Houston, managing more than 3 million square feet with $550 million in gross assets. TREP focuses on the acquisition, development and redevelopment of industrial service facilities (ISFs) throughout the nation.
The deal with Polar Service Centers marks TREP’s fourth ISF addition to its portfolio. The firm most recently acquired a less-than-truckload cross-dock facility from XPO Logistics (NYSE: XPO) in August.
“We see this as a unique win-win opportunity to grow our ISF portfolio while also injecting capital into rapidly growing operating businesses that are critical to the backbone of the U.S. economy,” says TREP managing partner of the industrial platform Will Hedges.