Houston Industrial Portfolio Trades for $26M
- Jul 26, 2018
NAI Partners has facilitated the $25.7 million sale of an industrial portfolio in Houston. Wilson Investment Properties acquired the assets spreading across six locations and encompassing 19 buildings with a total of 459,390 square feet. All sites are within a 16-mile radius of downtown Houston—four of them on the northwestern side, one in southeast Houston and one in the northern part of the city.
The deal represents one of the largest transactions in the metro in 2018, but the company also purchased recently a roughly 100,000-square-foot industrial portfolio in Cincinnati. The five fully occupied properties are close to both downtown and the airport.
Located at 8807-8815 Emmott Road, the Emmott Business Center is the largest property, with six buildings across 167,040 square feet. The second largest property is the Eldridge Business Center on 6830 N. Eldridge Parkway with three buildings on 99,405 square feet. The West Belt Business Center at 6125 W. Sam Houston Parkway N., with five buildings across 97,030 square feet is also part of the portfolio. The industrial space at Winkler-Berry Brook is on 6000 Berry Brook Road and has three buildings encompassing 43,100 square feet.
With 19,630 square feet, Keough Business Center on 9230 Keough Road is one of the two assets that comprise only one building. The other one is the 33,185-square-foot industrial space at 16623 Aldine Westfield Road, which also includes 1.9 acres of excess land.
Joshua Lass-Sughrue, senior vice president & group leader at NAI Partners Investment Sales, along with Clay Pritchett, a partner in the company’s industrial group, completed the transaction on behalf of the seller. “This was the buyer’s first acquisition in the Houston Market and the debt was a complicated assumption of an existing CMBS loan that took approximately six months,” Lass-Sughrue said, in a prepared statement.
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