Prologis Acquires 4-Building Industrial Distribution Center in Houston
- Apr 04, 2017
HFF announced it has closed the sale of a four-building Class B industrial distribution center in the West by Northwest Industrial Park in Houston. Prologis Inc. acquired the property from TH Real Estate. HFF represented the seller, an affiliate of Nuveen, the investment management arm of TIAA.
The distribution center totals 809,196 square feet and consists of the buildings at 14902 and 15002 Sommermeyer, 6450 Clara St. and 10410 Papalote St. in Houston’s northwest industrial submarket. The assets are situated on 39.6 acres near the intersection of Beltway 8 and U.S. 290, deemed as 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 feet.
At the time of the deal, the property was 95 percent occupied to property tenants including Tercel Oilfield Products USA, LSI Integrated Graphics, Sweet Mesquite Bakery, Mason Road Sheet Metal and Southern Container. Senior Managing Director Rusty Tamlyn and Director Trent Agnew led HFF’s investment sales team. The property generated more than 10 offers from institutional investors.
Given its location, historical occupancy and institutional maintenance ownership, this collection of assets generated significant interest from the investment community, Tamlyn said in a prepared statement. 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.
Images courtesy of Yardi Matrix