HOUSTON – Prologis has purchased four industrial buildings, totaling 809,000 SF, in the West by Northwest Industrial Park in northwest Houston for $55 million.
The seller was TH Real Estate, an affiliate of Nuveen, which is the investment arm of TIAA. Rusty Tamlyn and Trent Agnew of HFF represented the seller.
The Class B buildings, which are 95 percent leased, are situated on 40 acres near the intersection of Beltway 8 and Highway 290. Prologis owns several other buildings in the West by Northwest park.
“Given its location, historical occupancy and institutional maintenance ownership, this collection of assets generated significant interest from the investment community,” Tamlyn said. “Prologis now owns 24 of the 26 assets in this business park and has a long history in the area, so they were a logical buyer.”
“The fact that this property generated more than 10 offers from a mix of institutional capital is a statement on how the Houston industrial market is viewed currently,” Agnew added. “There is a significant amount of capital to be deployed with few opportunities of scale like this presented, especially in Houston’s top submarket.”
The property comprises buildings at 14902 and 15002 Sommermeyer, 6450 Clara and 10410 Papalote in Houston’s Northwest Industrial submarket. The front-load distribution buildings feature 14.2 percent office finish and clear heights ranging from 20’ to 24’. Currently 95 percent leased, property tenants include Tercel Oilfield Producers USA, LSI Integrated Graphics, Sweet Mesquite Baker, Mason Road Sheet Metal and Southern Container.
April 3, 2017 Realty News Report Copyright 2017