Northstar Makes 370,000SF Distressed Play Near Houston
- Sep 29, 2009
Northstar Commercial Partners has acquired a 370,000-square-foot distribution center in Sugar Land, Texas, near Houston. The property, 1601 Gillingham Lane, was acquired as a distressed asset from a private bank which also provided the primary financing for the $15.7 million deal. Located in the Sugar Land Business Park, 1601 Gillingham was built in 2007 and is a state-of-the-art, Class A industrial warehouse and distribution center.
“1601 Gillingham represents an ideal acquisition in the current market environment,” said R. Brian Watson, founder & president of Northstar Commercial Partners. “This is one of the highest quality industrial assets in Houston, and we look forward to making this investment a great success.”
Bob Berry and Jarret Venghaus of Jones Lang Lasalle represented the seller, Amegy Bank National Association in the transaction. NCP will immediately offer the property for lease or sale to users.