BGO JV Buys Houston Industrial Portfolio
The buildings came online earlier this year.
BGO and Harbor Capital have acquired Buildings 2 and 3 at Heritage West Industrial Park, two warehouses totaling 299,520 square feet in Katy, Texas. The assets were fully preleased upon closing the off-market transaction.
Developed by InSite Realty and The Urban Cos. at 1045-1085 Heritage W. Drive, the industrial campus comprises three speculative buildings totaling 332,800 square feet. The property is just off Interstate 10 and U.S. Route 90, some 35 miles west of Houston.
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The traded collection includes two front-load facilities that came online this year. Building 2 spans 90,480 square feet and has a 32-foot clear height and 60-foot speed bay, while Building 3 measures 209,040 square feet and features a 36-foot clear height. Combined, the two warehouses have 59 dock-high doors, 130- to 190-foot concrete truck courts, 256 parking spots and 49 trailer stalls.
The Heritage West portfolio marks BGO’s third acquisition through its BGO Industrial Strategies II fund. Seyfarth Shaw LLP acted as legal counsel in the transaction.
Houston ranks high for industrial sales
Houston recorded $759 million in industrial deals in the first four months of the year, according to the latest Yardi Matrix report. Dallas led the national ranking with nearly $1.8 billion in transactions, while Space City occupied the eighth position.
Houston also ranked among the markets with the lowest industrial asset prices at $90 per square foot, surpassing only Cleveland and Chicago (both at $87), Detroit ($79) and Memphis ($54). Nationwide, the average figure reached $138 per square foot.
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