HOUSTON – (Realty News Report) – Griffin Partners acquired nine acres in North Houston where it will build a speculative industrial building for its latest fund, Griffin Partners Income & Value Fund IV.
The 137,000-SF industrial development will be constructed on Carter Crossing, located on Greensmark Drive. Completion is expected late 2024.
“The addition of Carter Crossing to our portfolio exemplifies Griffin Partners’ commitment to developing quality assets in strategic locations,” said Travis Covington, Griffin Partners’ President of Development. “Tenants and Capital continue to seek smaller, well-located, Class A industrial space.”
This new project follows a successful sale of Griffin’s latest industrial development nearby, Pinto #23, a 282,000-SF industrial building that was sold upon completion to an institutional buyer in October 2022.
Griffin’s fund will focus on new and existing metros in Texas, Utah, Arizona, Colorado, Tennessee, and North Carolina for Industrial and mixed-use office/retail investments.
In Houston, industrial construction remains robust with 15.6 million SF underway and 40 percent of it is pre-leased, according to a third quarter 2023 report from CBRE.
In the third quarter, the industrial market recorded 3.5 million SF of positive absorption and 15.6 million SF YTD in 2023.
“Key fundamentals for the Houston industrial market were positive this quarter as 2023 remains the third best year on record, and is trending toward a soft landing in 2024,” the CBRE report said.
Oct. 23, 2023 Realty News Report Copyright 2023
Image: Courtesy Griffin Partners
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File: Griffin Starts Spec in North Houston