HOUSTON-In its first area acquisition, a private investor from Stevenson, WA has acquired a 129,244-sf, four-building industrial portfolio for $9.7 million. The buyer used exchange money to acquire the fully leased portfolio, located just outside Beltway 8, in the area's far south side.
The portfolio at 30-100 Southbelt Industrial Dr. was offered in a direct deal through Portland-based A-Spire Financial Corp., which acquires assets on behalf of TIC investors. While the investor was not part of a TIC, A-Spire offered the property to help him out of a bind.
"He was a day or two removed to meet his requirement for a 1031 exchange, so to help him avoid the tax liability, we offered him the entire industrial park," explains Christie Wong, A-Spire's director of marketing.
Wong tells GlobeSt.com that the portfolio, compiled between 1980 to the mid-1990s, has a very stable tenant base. Some of its larger tenants include Connecticut-based Carrier Corp., Chicago Bridge & Iron Co. and locally based Custom Air Products and Services Inc.
Lease expiration, which doesn't happen for another 10 years, was also a plus for the investor. "It's a stable investment," Wong notes. "This isn't a short-term retail lease situation."
The new owner will handle the portfolio's management and leasing activities. No renovations or upgrades are currently planned. Wong indicates that Texas is a strong area of investment for A-Spire, which was launched in June 2006 to facilitate 1031 exchanges and TIC transactions.
He notes that the company has acquired a lot of property in the state during the past couple of months, and will soon close on a San Antonio asset.
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