ARKA Buys Griffin Project in Sugar Land

HOUSTON – (Realty News Report) – Commerce Center Sugar Land, a six-building industrial flex project in southwest Houston has been acquired by the ARKA Properties Group

The seller, Houston-based Griffin Partners,  had owned the properties since 2012. Griffin Partners will continue to manage and operate the project on behalf of ARKA Properties Group.

Built between 2006-2007, the six institutional-quality, light industrial buildings sit on a 7.2-acre site in the Sugar Land Business Park near West Airport Boulevard and Dairy Ashford.

The JLL Industrial Capital Markets team that represented the seller included Trent Agnew, Charles Strauss, Katherine Miller and Jack Moody.

“The Commerce Center Sugar Land transaction is another example of continued interest from a deep buyer pool for flex/light industrial product both locally and nationally,” Strauss said. “As construction costs and land prices continue to rise, it has become incredibly difficult to replicate properties such as this that cater to smaller tenants in the market, driving both leasing and investor demand for this product type.”

Construction of industrial space has been strong in Houston in recent years, including submarkets on the southwest side.

Commerce Center Sugar Land was one of 11 investments in Griffin Partners’ Office Fund II and was originally purchased in 2012. Griffin Partners is currently raising capital for Griffin Partners Income & Value Fund IV which will be comprised of a diversified mix of office and industrial assets in 10 secondary markets across Texas, the Southwest and Sunbelt markets of the US.

Griffin Partners is an owner and operator of commercial real estate properties throughout Colorado, North Carolina, Texas, Utah, and Tennessee. Established in 1980, each of the company’s four senior principals’ level of diverse real estate experience averages 35 years. Since its founding in Houston, Griffin Partners has acquired or developed over 14.3 million SF of office, mixed-use and light industrial property valued at over $2.1 billion.

Oct. 11, 2021 Realty News Report Copyright 2021

 For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  

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Image courtesy Griffin Partners, JLL Capital Markets

File: ARKA Buys Griffin Project in Sugar Land Business Park. Commerce Center Sugar Land.

File: (2) ARKA Buys Griffin Project. Commerce Center Sugar Land.

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