HOUSTON — CBRE coordinated the sale of The Pines Business Park on behalf of a private real estate fund advised by Crow Holdings Capital Partners, L.L.C. and Lincoln Property Co. The 139,330-SFbusiness park is comprised of three light industrial buildings in North Houston. The buildings are 100% leased.
“The Pines Business Park provides immediate access to I-45, excellent demographics, deep labor pools, educated and skilled work forces,” said Josh McArtor with CBRE in Dallas. “In addition, with the future Grand Parkway expansion and ExxonMobil’s new campus, the area is seeing growing populations, desirable qualities of life and outstanding transportation systems.”
The Pines was constructed in 2009 with 20- to 24-foot clear heights and 20% average office finish. It is comprised of suite sizes ranging from 7,000 to 45,000 SF, allowing tremendous flexibility in customizing spaces for market demand.
Interest in available industrial inventory associated with the ExxonMobil campus and the Grand Parkway expansion is driving tenant activity, and The Pines Business Park is positioned to capture significant rental growth expected in the area with superior quality of assets relative to the market.
Jack Fraker, McArtor, Jonathan Bryan, Heather McClain Venegoni, Tom Lynch and Paul Segreto with CBRE; and Kevin Wyatt with Lincoln Property Company represented the sellers in the transaction out of Dallas and Houston.