Press Release brought to you by HFF

HFF closes sale of 4-building industrial distribution center in Houston

03/30/2017

HOUSTON, TX – March 30, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of four Class B distribution warehouses totaling 809,196 square feet in the West by Northwest Industrial Park in Houston, Texas.

HFF represented the seller, TH Real Estate an affiliate of Nuveen (the investment management arm of TIAA).  Prologis, Inc. purchased the property for an undisclosed price. 

The property comprises buildings at 14902 and 15002 Sommermeyer, 6450 Clara and 10410 Papalote in Houston’s Northwest Industrial submarket.  The buildings are situated on 39.6 acres near the intersection of Beltway 8 and U.S. 290, considered 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’.  Currently 95 percent leased, property tenants include Tercel Oilfield Producers USA, LSI Integrated Graphics, Sweet Mesquite Baker, Mason Road Sheet Metal and Southern Container.

HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.

“Given its location, historical occupancy and institutional maintenance ownership, this collection of assets generated significant interest from the investment community,” Tamlyn said.  “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.”

“The fact that this property generated more than 10 offers from a mix of institutional capital is a statement on how the Houston industrial market is viewed currently,” Agnew added.  “There is a significant amount of capital to be deployed with few opportunities of scale like this presented, especially in Houston’s top submarket.”

About TH Real Estate
TH Real Estate, an investment affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with c.$96.8 billion in AUM as of 12/31/16.  Managing a suite of nearly 80 funds and mandates spanning both debt and equity across diverse geographies, sectors, investment styles and vehicle types, we provide access to every aspect of real estate investing.  Learn more at threalestate.com.

About Prologis  
Prologis, Inc. is the global leader in logistics real estate with a focus on high-barrier, high-growth markets.  As of December 31, 2016, the company owned or had investments in, on a wholly owned basis or through co-investment ventures, properties and development projects expected to total approximately 676 million square feet (63 million square meters) in 20 countries.  Prologis leases modern distribution facilities to a diverse base of approximately 5,200 customers across two major categories: business-to-business and retail/online fulfillment.  Learn more at the company’s website at prologis.com.

About HFF
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is 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 sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.

 

Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.   

Source

HFF

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