Black Equities Buys Houston Business Center
- May 24, 2018
Black Equities Group has acquired Interwood Business Center, a two-building industrial project totaling 192,000 square feet in Houston. HFF arranged the sale on behalf of the seller, Stockbridge Capital Group.
Located at 14430-14440 John F. Kennedy Blvd. and 14445-1449 Heathrow Forest Parkway, the buildings occupy 10.9 acres within Interwood Business Park, a 440-acre a master-planned business center. The assets provide access to the area’s major thoroughfares such as interstates 45 and 69, Sam Houston Parkway and Hardy Toll Road. Additionally, George Bush Intercontinental Airport is situated within six miles of the property.
Built in 1999, the industrial business center features 24-foot clear heights, dock-high loading, 130- to 190-foot truck courts and rear-load and cross-dock configurations. The asset was 93 percent leased at the time of sale.
“After originally selling this to Stockbridge in 2014 at low 70-percent occupancy, they did a tremendous job of leasing up the vacancy and extending some of the larger tenants,” said Trent Agnew, managing director at HFF, in prepared remarks.
HFF’s investment advisory team included Agnew, Managing Director Rusty Tamlyn and Analyst Dane Petersen. The team recently arranged the sale of Stafford Grove Industrial Park, a Class A facility in the Southwest Houston suburb of Stafford, Texas.
Image courtesy of Yardi Matrix