HOUSTON – (Realty News Report) – Lovett Industrial, the Houston-based real estate firm led by Frank Liu and Charlie Meyer, in partnership with PCCP have acquired the Claymoore Portfolio, consisting of 1.4 million SF of industrial buildings in Houston’s Northwest submarket.
The Claymoore Portfolio, includes 1 million SF in the Claymoore Business Park near Clay Road and Beltway 8 and warehouses in the Northwest Business Park on West by Northwest Boulevard and Highway 290. The Portfolio is 100 percent occupied by 21 tenants.
Leasing efforts for the portfolio will be handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing was provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.
Claymoore Business Park features eight cross-dock and front-load buildings and 960 parking spaces. Northwest Business Park features one cross-dock and one front-load building totaling 378,900 SF, 24’ clear heights, and 746 parking spaces
“We believe these are high quality assets in high barrier to entry locations, which we feel confident will lead to outsized rent growth over our hold period,” Ashley Bird, Asset Manager at Lovett Industrial. “We look forward to our partnership with PCCP and continuing to build our portfolio with additional projects in Houston and beyond.”
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments.
“Given the portfolio’s location near major highways, accessibility to a significant portion of the Houston labor poll, and wide range of suite sizes, we believe this high-quality product will appeal to many tenants and experience strong tenant demand,” said Brad Hartstein, Originations with PCCP.
Aug. 28, 2023 Realty News Report Copyright 2023
image: Courtesy Transwestern
File: Northwest Houston Warehouses Acquired
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File: Northwest Houston Warehouses Acquired