 |
| Brooke Petzold |
HOUSTON, TX – KBS, one of the largest owners and operators of premier commercial real estate buildings in the nation, announces the sale of Clay Crossing Business Center, a four-building, 222,750 square foot light industrial property in Houston, Texas.
The disposition emphasizes investors’
appetite for high-quality, value-add commercial properties in major Texas
markets, according to Gio Cordoves, regional president, Western U.S., for KBS.
 |
| Gio Cordoves |
“The state’s business-friendly environment
and appealing lifestyle are drawing many companies and individuals from other states, and we believe this trend will continue.”
According to JLL,
Houston’s 2023 year-over-year job growth of 3.1% marked the third consecutive
year of remarkable employment growth for the region. This exceeded the U.S. as
a whole at 2.0% and ranked Houston first among the 10 largest U.S. metros.
 |
| Brett Merz |
The property’s location in the premier Northwest submarket of Houston is a preferred submarket which made it appealing to buyers, according to Brett Merz, asset manager for Clay Crossing and senior vice president at KBS.
“Clay Crossing is in a highly accessible
location that is insulated from future supply, close to Houston’s most
desirable thoroughfares,” says Merz. “KBS’ commitment to quality and long-term
value preservation, was reflected in the way we meticulously maintained this
property for the past 18 years, making it a coveted business park in the heart
of Houston’s population center.”
 |
| Trent Agnew |
Built between 2000 and 2002, Clay Crossing features 16-foot to 20-foot accessible industrial buildings and office suites.
The property has a diverse range of suite configurations featuring four rear-load buildings and suite sizes ranging from 3,105 square feet to 44,8883 square feet.
A total of 39% of the property’s suites are below 20,000 square
feet, catering to the market’s growing tenancy base.
“We were looking to acquire an industrial product with value-add opportunity upside via future lease-up, and Clay Crossing fit the bill,” says Hal Pontez, owner of HPI. “We recognized an immediate opportunity to provide ready-made suites to an un
derserved tenant
base in Houston’s urban infill light industrial market.”
 |
| Charles Strauss |
“During KBS’ 18-year ownership, the property benefitted from
KBS’ ownership. As an institutional owner KBS paid special attention to
maintaining and updating each building while improving the tenant experience,”
says Agnew.
According to Bruce Fischer, Co-Chair of West Coast Real Estate and Co-Managing Shareholder of the Orange County Office for Greenberg Traurig, which represented KBS as legal counsel in the disposition with the assistance of Shareholder Howard Chu and Paralegal Amanda Kennedy:
“We were pleased to work with KBS in the sale of Clay Crossing Business Center. Houston, which, along with other major Texas markets, continues to attract both office and industrial users.”
 |
| Lance Young |
CONTACT
Alli Stent
PR, Hotels & Hospitality
Capital Markets
Chicago | JLL
M +1 330 329 6750
