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A three way partnership of CenterSquare Funding Administration and Pagewood Actual Property has acquired a 621,000-square-foot industrial portfolio in Houston. Northmarq organized a $40 million acquisition mortgage, whereas Moody Rambin brokered the sale.
HRES Group bought the portfolio, CommercialEdge knowledge reveals. Symetra Monetary originated the fixed-rate bridge mortgage, which carries extension and prepay choices, in addition to asset launch flexibility.
The portfolio consists of 9, small-bay properties encompassing a complete of 46 buildings. The property are situated in Northwest Houston, between the Southern Brittmoore and Decrease 290 corridors.
Shared options embody 14- to 15-foot clear heights, a median workplace buildout of 19 p.c and suites ranging between 1,000 and 30,000 sq. toes. The properties are near Interstate 10 and Beltway 8.
READ ALSO: Prime 5 Rising Industrial Markets in 2024
The brand new proprietor plans to implement capital enhancements all through the portfolio. Renovations embody LED lighting, changing HVAC programs, concrete repairs and steel framing upgrades, that are anticipated to extend rents to match the present market charges.
Moody Rambin Vice President Stephen Ghedi and Government Vice President Jim Autenreith secured the transaction. Northmarq’s Houston Debt and Fairness workforce included Managing Director Warren Hitchcock, Vice President Blane Eikenhorst and Funding Analyst Chris Compton.
Final yr, Hitchcock was a part of the workforce that organized the three way partnership between Fidelis Industrial and Transwestern Funding for the acquisition of a 56-acre website in Georgetown, Texas.
Houston kicks off new yr with just a few giant transactions
In February, Sealy & Co. acquired Nice 290 Distribution Heart, a 500,840-square-foot industrial facility with funding from a $50 million line of credit score. Pagewood bought the absolutely leased asset.
Triten Actual Property Companions additionally expanded its Houston presence with the acquisition of a three-building industrial portfolio. The 534,541-square-foot properties are within the West Houston and Port of Houston submarkets.
Houston’s emptiness fee clocked in at 5.9 p.c as of January, 110 foundation factors increased than the nationwide common, however barely beneath peer markets Tampa, Fla., and Baltimore, based on a current CommercialEdge industrial report. Charlotte, N.C., (3.3 p.c) and Nashville, Tenn., (3.4 p.c) registered a few of the lowest vacancies nationwide.
Throughout the identical month, transaction exercise within the metro amounted to $64 million. Properties traded for a median of $128 per sq. foot, trailing the $145 nationwide common.
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