HOUSTON – (Realty News Report) – Black Creek Group, a Denver-based real estate investment management firm, acquired a 140,275-SF Class A industrial building in LaPorte, near the Port of Houston.
The seller of the new project was Clay Development & Construction, major Houston-based development firm led by Robert Clay.
“Despite the recent pandemic and oil news, we believe Houston is a solid industrial market that is not going anywhere and while we may see a period of uncertainty for a short period, in the long-term we think valuations will continue to hold for assets. Additionally, the location of the property near the Port of Houston is ideal for capturing leasing demand from a variety of tenants that need access to a developed infrastructure,” said Mace McClatchy, Black Creek Group’s senior vice president and market officer for the firm’s south-central region.
The sale closed April 14, at a time when financing and completing transactions faced Covid-19 headwinds around the globe. “We do not disclose specifics about our financing, but we started talking with Clay Development about the deal in 2018, so it has been almost two years in the making with the goal of us closing once the building was shell complete which was April 14,” McClatchy said.
Over the years, the Black Creek Group, has bought or built $20 billion of real estate investments across the spectrum of commercial real estate – including office, industrial, retail and multifamily – providing a range of investment solutions for both institutional and wealth management channels.
The industrial project, called Port 146, is located at 2020 N. Highway 146, near Highway 225, about three miles from the Barbours Cut Container Terminal, one of the largest marine shipping facilities in the nation.
McClatchy said Port 146 has been attracting interest from several firms that may be its initial tenant, including third-party logistics firms and companies involved in petrochemicals. The region is one of the largest producers of raw plastic pellets which are transformed into finished consumer and industry products around the world.
Cushman & Wakefield’s Andrew Jewett and Jason Dillee represented Clay Development & Construction in the transaction.
Black Creek Group has seven offices across the United States with 300 professionals. The firm has other holdings in the Houston area primarily in the southwest, southeast and northwest markets.