Brixton sells 664,100-square-foot Dow Texas Innovation Center to ExchangeRight REIT
Brixton took operating partnership units in ExchangeRight rather than cash, deferring taxes on a campus leased entirely to Dow Chemical.
At a glance
Brixton Capital sold the Dow Texas Innovation Center in Lake Jackson, Texas, to ExchangeRight Essential Income REIT, Connect CRE reported.
Brixton took REIT operating partnership units rather than cash.
The campus serves as a global research and development hub near Dow's 7,000-acre Freeport complex, where the report says Dow has committed $12 billion of Gulf Coast growth investment.
Brixton Capital sold the Dow Texas Innovation Center in Lake Jackson, Texas, to ExchangeRight Essential Income REIT, Connect CRE reported. The buyer gets a 664,100-square-foot campus on 34 acres about 50 miles south of downtown Houston, built in 2016 and leased entirely to Dow Chemical on a single-tenant, triple-net basis.
Brixton took REIT operating partnership units rather than cash. Corey Eagle said the structure deferred taxes and kept the firm invested in real estate. "By exchanging into REIT operating partnership units, we were able to defer taxes, remain invested in real estate and position the proceeds for long-term growth and income generation," Eagle said, according to Connect CRE.
The campus serves as a global research and development hub near Dow's 7,000-acre Freeport complex, where the report says Dow has committed $12 billion of Gulf Coast growth investment.
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