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| Four Distribution Warehouses, West by Northwest Industrial Park, Houston, TX |
(Photo by Jud Haggard)
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| Rusty Tamlyn |
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.”
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| Trent Agnew |
“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:
Kristen Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell
617.543.4873 | www.hfflp.com
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