HOUSTON – (Realty News Report) – Houston-based Hines has acquired a 282,190-SF warehouse in the Pinto Business Park at the southwest intersection of Interstate 45 and Beltway 8 in the North Houston submarket.
The project, developed by Griffin Partners and Pinto Realty Partners, was delivered in October.
Trent Agnew of JLL represented the seller in the transaction.
Hines has awarded the leasing of the property, called Pinto 23, to Faron Wiley of CBRE.
The Pinto 23 has been attracting interest already seeing significant leasing activity prior to the sale.
“We felt the Project’s superior location, building amenities and quality construction attributes were worth testing the market on a potential sale,” said Andrew Montgomery, President of Griffin Partners Investment Management. “These attributes ultimately provided a clear path to complete a transaction with a well-healed institutional buyer in an extremely short period of time, as the building was being delivered.”
“Hines has a long history with Pinto Business Park and the superior quality, access, and visibility of this asset is very much in line with the top-of-market industrial and logistics properties that we are seeking to acquire across the U.S. right now,” said Palmer Letzerich, Senior Managing Director at Hines.
The Hines firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. It manages a $92.3 billion portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies.
Griffin Partners is a Houston-based firm founded in 1980 by Fred Griffin.
Dec. 12, 2022 Realty News Report Copyright 2022.
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File: Griffin Partners and Pinto Realty Partners. Hines Buys Houston Warehouse