HOUSTON – Cabot Properties, a Boston-based real estate investment firm, has purchased a three-building, 243,100-sf industrial portfolio in Houston, Texas.
HFF marketed the portfolio on behalf of the seller, EastGroup Properties. The 100-percent-leased portfolio consists of Clay-Campbell I and II in northwest Houston and Kirby Business Center in south Houston.
Clay-Campbell I and II are located at 4300-4320 and 4444-4456 Campbell Road, in Houston’s premier industrial Northwest submarket and offer tremendous access to both the Northwest Freeway (Highway 290) as well as Beltway 8. Completed in 1982, both buildings have 58,846 square feet.
Kirby Business Center is located at 9350-9370 South Point Drive, which is just south of both the historic Astrodome and the Texas Medical Center. The 125,408-square-foot building, built in 1980, is less than one mile from Loop 610.
The HFF investment sales team was led by senior managing director Rusty Tamlyn and HFF’s Trent Agnew and John Rogers.
”Because of their tremendous functionality, these assets have enjoyed a strong historical performance under EastGroup’s ownership and generated significant interest from both institutional and private capital investors,” Agnew said. “Like EastGroup, Cabot continues to be bullish on Houston’s long-term prospects and these assets are a great compliment to their current holdings and give them exposure to the market within their latest fund.”
EastGroup is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sun Belt markets throughout the United States with an emphasis in Florida, Texas, Arizona, California and North Carolina. EastGroup’s portfolio currently includes 35 million square feet.
Cabot Properties is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $5.2 billion in industrial real estate, managing and operating 1,800 tenants in more than 125 million square feet.