PEARLAND– (Realty News Report) – Partners Capital—the investment management platform and development arm of Partners Real Estate Company— has acquired Silverlake Business Park, a five-building, 90,000-SF flex office/warehouse park.
The business park is located at 2837 Miller Ranch Road, just north of Broadway street in Pearland, which is south of Houston.
Partners Capital worked with Wes Cole at Cantera Real Estate Group to source the deal off-market. The seller—original developer WC Properties, Ltd.—represented itself. Financing was provided by Peyton Jones at Veritex Bank in Houston.
Silverlake Business Park is the third acquisition made by Partners Capital’s Fund IV investment vehicle.
“We’re excited to add an asset like Silverlake Business Park to the portfolio,” said Andrew Pappas, Managing Director of Partners Capital and Partner, Partners Real Estate Company. “Silverlake holds significant appeal as one of the few office/warehouse options in Pearland, and it’s a strong, cash-flowing asset that will provide our investors upside through Partners Capital’s enhanced management and leasing capabilities.”
“This off-market deal was attractive for several reasons, most notably the barriers to entry for flex product in Pearland,” said Adam Hawkins, Vice President, Partners Capital.
Silverlake, Southwyck and Pearland Growth
Pearland, a city with a population of 100,000, has experienced significant growth in recent years as the Highway 288 corridor and its attractive commute time to the Texas Medical Center became popular. Developer Larry Johnson, who died earlier this year, was the key figure in popularizing Pearland’s 288 Corridor. In 1995, Johnson bought the unfinished Southwyck community in Pearland, and renamed it Silverlake. Prior to Silverlake, Pearland and the underutilized 288 Corridor did not have high-volume home sales. But Johnson, backed with investment dollars from Prudential, relaunched the project and focused Silverlake marketing on the easy commute offered by Highway 288 at that time. Homebuyers responded in droves. Pearland’s access to the Texas Medical Center, which has over 100,000 employees, was a winning selling point for homebuyers. Since Silverlake, growth in Pearland has been significant.
Partners Capital has completed over $140 million in transactions in 2021, and more than $300 million in transaction volume during the last five years. Its current portfolio comprises more than 1 million sq. ft. of retail, industrial, and office properties.
According to a year-end NAI Partners report, the monthly average rate for flex space is $0.84 per SF in the Houston area.
Jan. 20, 2022 Realty News Report Copyright 2022
Photo credit: Ralph Bivins, Realty News Report Copyright 2022
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File: Partners Buys Pearland Project
File: Silverlake, Southwyck, Larry Johnson, NAI Partners