Brixton Capital sold the Dow Texas Innovation Center in Lake Jackson to ExchangeRight Essential Income REIT. Brixton Capital had owned the property since November 2020.
The campus, built in 2016, spans 34 acres and comprises 664,100 square feet across four buildings. The property is fully leased to Dow Chemical under a single-tenant, triple-net lease.
Brixton's Corey Eagle said the exchange into REIT operating partnership units deferred taxes and kept proceeds positioned for long-term growth and income generation.
The Dow Texas Innovation Center sits about 50 miles south of downtown Houston. The center serves as a global research and development hub for The Dow Chemical Company, near Dow's 7,000-acre Freeport complex.
Dow's Freeport site is the largest integrated chemical manufacturing facility in the Western Hemisphere. The site is home to Dow's new ethylene facility, the cornerstone of Dow's $12 billion in growth investments on the U.S. Gulf Coast. The facility started up in September 2017 and has a nameplate capacity of 1.5 million metric tons.