Sunday, April 9, 2017
(Photo by Jud Haggard)
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of four Class B distribution warehouses totaling 809,196 square feet in the West by Northwest Industrial Park in Houston, Texas.
HFF represented the seller, TH Real Estate an affiliate of Nuveen (the investment management arm of TIAA). Prologis, Inc. purchased the property for an undisclosed price.
The property comprises buildings at 14902 and 15002 Sommermeyer, 6450 Clara and 10410 Papalote in Houston’s Northwest Industrial submarket. The buildings are situated on 39.6 acres near the intersection of Beltway 8 and U.S. 290, considered the “main and main” intersection for bulk industrial product.
The front-load distribution buildings feature 14.2 percent office finish and clear heights ranging from 20’ to 24’. Currently 95 percent leased, property tenants include Tercel Oilfield Producers USA, LSI Integrated Graphics, Sweet Mesquite Baker, Mason Road Sheet Metal and Southern Container.
HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.
“Given its location, historical occupancy and institutional maintenance ownership, this collection of assets generated significant interest from the investment community,” Tamlyn said. “Prologis now owns 24 of the 26 assets in this business park and has a long history in the area, so they were a logical buyer.”
“The fact that this property generated more than 10 offers from a mix of institutional capital is a statement on how the Houston industrial market is viewed currently,” Agnew added. “There is a significant amount of capital to be deployed with few opportunities of scale like this presented, especially in Houston’s top submarket.”
For a complete copy of the company’s news release, please contact:
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com
Posted by Alex at 11:50 AM