HOUSTON – (Realty News Report) – Nuveen, a global asset manager based in Chicago, purchased a six-building logistics portfolio in Spring from AEW Capital Management for an undisclosed price, according to CBRE.
The 281,481-SF project called The Pines Business Park I & II is located on Spring Hill Drive in the Spring community, on the north side of Houston.Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of AEW.
The business park has direct access to I-45 and is less than five miles from The Woodlands, aa 28,000-acre master planned community with a significant amount of office and commercial development. The business park was 100 percent occupied at the time of sale with an average remaining lease term of 3.66 years.
“The Pines Business Park provides upside in fast-growing market rents with a multi-tenant design and an average suite size of 13,392 square feet,” said Nathan Wynne, Senior Vice President with CBRE. “Additionally, there is a high consumption base surrounding the park with a lack of competitive product in this area. The limited supply of industrial developments in the immediate area and the rental rate growth potential provides cash-flow stability with a real opportunity for a mark-to-market in the near term.”
According to CBRE’s Q2 2022 Houston MarketView, the Houston industrial market had its second largest quarter in over 20 years with 7.8 million sq. ft. of positive net absorption in Q2. In the North Houston submarket alone, there were nearly 2.3 million SF of net absorption alone, bringing the vacancy rate to 5 percent.
Sept. 9, 2022 Realty News Report Copyright 2022
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