Leased Up Dock-Load Asset Goes in 30 Days
Interwood Business Center features 24-foot clear heights, dock-high loading, 130- to 190-foot truck courts and both rear-load/cross-dock configurations, allowing accommodation for a wide swath of tenants.
HOUSTON—Stockbridge Capital Group purchased Interwood Business Center in 2014 with low 70% occupancy. During the last four years, the company leased much of the remaining space of the 192,000-square-foot total span, including extending some of the larger tenants.
That effort paid off. As of late, the two-building class-A industrial facility sold to Black Equities Group Ltd.
Interwood Business Center features 24-foot clear heights, dock-high loading, 130- to 190-foot truck courts, and both rear-load (building I) and cross-dock (building II) configurations. This allows the now-93% leased property to accommodate a wide variety of tenants.
Situated on 10.9 acres at 14430-14440 John F. Kennedy Blvd. and 14445-14449 Heathrow Forest Pkwy., the buildings are in the North Houston industrial submarket. This is within Interwood Business Park, a 440-acre master-planned, deed-restricted business park just south of Sam Houston Parkway (Beltway 8) and less than one mile from the entrance of George Bush Intercontinental Airport. This location provides tenants with access to critical Houston thoroughfares, including Sam Houston Parkway, Interstate 45, Highway 59 and the Hardy Toll Road.
An HFF team represented the seller. HFF’s investment advisory group included managing director Trent Agnew and senior managing director Rusty Tamlyn as well as analyst Dane Petersen.
“The North submarket has continued to make tremendous strides in the last couple quarters, and T-12 absorption in the submarket is the strongest of any citywide. As a result, you are seeing rents increase quickly and there are a handful of proposed developments trying to get out of the ground to meet the increased demand,” Agnew tells GlobeSt.com. “Black Equities was able to come in and pre-empt the call for offers date that had been set, due to their ability to complete due diligence, negotiate a purchase/sale agreement and put up non-refundable earnest money within a period of seven to 10 days from the award.”
Founded in 1989, Beverly Hills-based Black Equities Group Ltd. acquires and maintains more than 15 million square feet of US commercial and industrial real estate. It also manages a 2,500-unit multifamily portfolio.
“Black Equities did an incredible job of getting this deal closed inside of 30 days from award and will continue to operate it to the same institutional standards that they are known for,” Agnew said.
San Francisco-based Stockbridge Capital Group’s portfolio is comprised of assets across the risk spectrum, spanning all major US property types. As of January 31, 2018, the firm’s total assets under management were $12.1 billion.