KATY, TEXAS – Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the western Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million square foot campus, which is triple-netted to Academy Sports under a long-term lease, for $190 million.
The 93-acre campus includes just over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and a mezzanine totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston.
“Logistically, this property is exceptionally well located, with freeway access in all directions,” said Ken Hedrick, Executive Managing Director of Newmark. “The scarcity and rising value of land in the West Houston area is further increasing property value.”
Hedrick, along with his Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also at Newmark, arranged financing for the acquisition on behalf of Mirae Asset Global.
Tratt Properties is an active logistics real estate investor and developer and has several distribution center relationships for national retailers. Last week, the company signed a full construction lease with Home Depot at Elmwood’s new logistics center in Goodyear, Arizona.
Mirae Asset Global Investments is active in 40 countries in 12 different sectors, including commercial real estate. In addition to the Academy Sports headquarters, the South Korean company owns State Farm Insurance at its East Coast office center in Atlanta, the Federal Reserve in Washington, DC and Amazon in Seattle.
“Foreign capital continues to seek attractive opportunities and returns in non-coastal U.S. markets,” Foshay said. “With shifts in demographics and demographics being a key indicator, Sun Belt markets – like Houston and Texas as a whole – continue to grow in foreign direct investment market share.”
Founded in 1938 as a tire store in San Antonio, Academy Sports + Outdoors has approximately 260 sporting goods stores in its network in 16 contiguous Sun Belt and Midwest states. The company’s sales for fiscal year 2021 (which ended January 29, 2022) exceeded $6.7 billion, more than double its annual volume 10 years prior. The company employs approximately 22,000 people.
The company’s stock price closed Wednesday, April 20 at $42.18 per share, up from $31.14 a year ago, an increase of more than 35%.
— John Nelson