Wal-Mart Corp. has acquired the 4 million square foot distribution center it's been leasing since 2005 from the Texas Permanent School Fund for $104.5 million according to a CoStar report. The Baytown property was built in 2004 and originally sold shortly after completion by Wal-Mart to the state's General Land Office, which invests in real estate property for the Permanent School Fund. The state reportedly has made more than $40 million on the deal in rent and proceeds.
According to CoStar the deal totals 4 million square feet and includes two industrial buildings at 4554 E. Greenwood Road in Baytown. The property is on a 473-acre tract in Chambers County, about 14 miles from the Houston Ship Channel.
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