HOUSTON – (Realty News Report) – Investcorp, a Bahrain-based firm, has acquired a portfolio of 56 industrial properties, including two in Houston, for $300 million.
Greenfield Partners of Connecticut is the seller of the 4.5 million SF portfolio, which is 91 percent leased. CBRE’s Jack Fraker, Jonathan Bryan, Randy Baird and Ryan Thornton of Dallas were part of the marketing team for the seller.
In Houston, the portfolio includes the 163,000-SF property at 8790 Wallisville and a 193,922-SF property in the 1100 block of Silber Road. Also included are 16 buildings in Dallas, one in San Antonio and others in Minneapolis, Chicago and other cities.
“We are proud to announce our largest US warehouse portfolio acquisition since the inception of the business, giving us the opportunity to expand our presence in this important and growing industrial/warehouse sector in the US,” said Mohammed Alardhi, Executive Chairman of Investcorp. “This investment further reflects our commitment to growing Investcorp’s footprint in the US, which is a key driver of the firm’s overall growth strategy and an area in which we will look to continue expanding as opportunities arise.”
This investment provides Investcorp with a 90 percent leased portfolio of Class A and B warehouse, light manufacturing and flex buildings, across the e-commerce, manufacturing, design, wholesaling and food services industries. The portfolio was purchased as a single investment, with over 60% of the property located in “Tier One” industrial markets.
This recent acquisition represents Investcorp’s ninth industrial portfolio, all of which were acquired over the past 36 months. With this addition, Investcorp now owns 14 million SF of U.S. industrial assets.
“This investment will help our clients gain and increase exposure to the highly relevant industrial sector in a diversified manner and benefit from some of the secular trends shaping the retailing industry in the US,” said Rishi Kapoor, Co-Chief Executive Officer of Investcorp. “The properties in this portfolio are located in supply constrained infill areas offering “last mile” proximity to major population centers.”