PRP just completed the development of a Vehicle Import Processing Center for Volkswagen on 120 acres of land at the Port Freeport in Freeport, TX.
- Vehicle Import Processing Center for Volkswagen to serve over 50% of dealerships in the US
- 20-year absolute NNN lease with Volkswagen
- 31-year ground lease with Port Freeport; ground rent paid directly by Volkswagen
- Property sits on 120 acres of land and will consist of ~17,000 surface asphalt parking spaces and two service buildings totaling ~170,000 square feet
- Rail-served property with close proximity to the port entrance of Freeport, TX
- PRP obtained accretive Credit-Tenant-Lease financing to capitalize the development
