HFF and Black Creek Group announce sale of 3 Class A industrial warehouse buildings in southwest Houston
HOUSTON, TX – April 25, 2018 – HFF announces the sale of Stafford Grove Industrial Park, three Class A industrial warehouse buildings totaling 351,960 square feet in the southwest Houston suburb of Stafford, Texas, to Black Creek Group.
The HFF team represented the seller, a joint venture between Crow Holdings Industrial and its investment partner. An investment platform sponsored by the Black Creek Group, LLC purchased the asset for an undisclosed price.
Completed in 2017, Stafford Grove Industrial Park is situated at 10633, 10643 and 10653 W. Airport Boulevard at the intersection of Murphy Road in the epicenter of Houston’s Southwest submarket. The property is 84.5 percent leased to seven tenants with an additional 54,550 square feet of vacancy remaining in two spaces. Features include 24- to 30-foot clear heights, a total of 120 dock-high doors, 130-foot truck courts, three drive-up ramps and 38 trailer parking spaces between each building.
HFF’s investment advisory team included managing director Trent Agnew and senior managing director Rusty Tamlyn along with analyst Dane Petersen.
“Stafford Grove is one of the premier developments to deliver this cycle in Houston due to its infill location, beneficial tax savings for users and overall site flexibility,” Agnew said. “As a result, the buyer pool consisted of a large mix of core funds, institutional advisors and private capital consistent with what we are seeing across the country on similar offerings.”
According to Mace McClatchy, senior vice president at Black Creek Group, “Stafford Grove Industrial Park represents the type of high-quality project that Black Creek Group has built many of its industrial portfolios around. Quality construction, modern design characteristics and a business-friendly location help elevate Stafford Grove Industrial Park to one of the best locations for tenants in the Southwest submarket.”
Holliday GP Corp. ("HFF") is a Texas licensed real estate broker.
About Crow Holdings Industrial
Crow Holdings Industrial (CHI) is focused on the development of speculative and build-to-suit warehouse/distribution, manufacturing and fulfillment facilities in major distribution markets across the country. For more information, please visit CrowHoldingsIndustrial.com.
About Black Creek Group
Black Creek Group is an experienced real estate investment management and development firm with more than $17 billion of investments over its 25-year history. The company manages diverse investment offerings across the spectrum of commercial real estate – including office, industrial, retail and multifamily – and has a track record of creating long-term value for its investors. The company has nine offices across North America with more than 300 professionals. Black Creek Group offers a range of investment solutions for both institutional and wealth management channels. More information is available at blackcreekgroup.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.