[ad_1]
Partners Capital, through its Partners Investment Fund IV, in a joint venture with Huntington Properties, has acquired Mitchelldale Business Park, a 377,752-square-foot industrial flex property in Houston, Harris County records show. Hartman sold the 12-building portfolio. The purchase was financed with a loan provided by Origin Bank.
The previous owner acquired the portfolio in 2014 for $19.2 million, using a $12.7 million loan originated by Voya Financial, according to CommercialEdge data.
Originally completed between 1974 and 1978, the low-rise Class B and C buildings underwent cosmetic renovations in 2004. The properties range between 58,000 and 102,292 square feet. Adam Hawkins, partner at Partners Capital, stated in prepared remarks that the company plans to renovate the business park by improving its lighting and infrastructure. The tenant roster includes Craven Carpet, Capital Couriers and Aviation Laboratories. The buildings are currently 95 percent leased.
The industrial property, spread across 25 acres, is located at 5401, 5400, 5200 and 5151 Mitchelldale St., approximately 11 miles from downtown Houston, providing access to major thoroughfares including Highway 290, Texas Loop 610, Beltway 8 and Interstate 10.
The current acquisition marked the eighth and final purchase made through the Partners Investment Fund IV. The company has completed more than $450 million in transactions in the last six years, and its portfolio comprises more than 1.4 million square feet.
Portfolio transactions in the Greater Houston area
In the second half of 2022, the Houston market saw several industrial portfolio transactions, ranging from six to 23 assets. A significant purchase closed in August, when Fort Capital acquired a 711,399-square-foot portfolio, which marked the company’s largest deal to date. The 23 Class B buildings are situated in suburban markets. Later, Fort Capital received a $72 million senior loan for the purchase and lease-up, provided by PCCP.
Another logistics campus traded in the fourth quarter of 2022, when Nuveen acquired The Pines Business Park, a six-building industrial park totaling 281,481 square feet in Spring, Texas.
[ad_2]
Source link