The Chicago-based REIT's newest portfolio member was on the market for $4.2 million and sold for less than the county's $4.1-million assessment, according to Ron Carey, First Industrial's senior investment officer in Houston. "We bought it at an attractive price and we're going to put some spit and polish on it and lease it up," he tells GlobeSt.com.
Located at 600 Kenrick Dr. near Beltway 8 and the Hardy Toll Road, the asset consists of four 20,000-sf buildings and one 75,000-sf building. The 21-year-old complex, which is 55% leased, is half built out as office space.
"It's had some leasing challenges, but we think that with our in-house leasing we can push the occupancy," Carey says. He adds First Industrial has about 200,000 sf of industrial inventory in the same submarket. "Central Park North really complements our properties," he says. Trammell Crow Co.'s Rusty Tamlyn and Ralph Tullier represented Houston-based Weingarten.
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