{"id":1004224989,"date":"2018-04-27T02:17:37","date_gmt":"2018-04-27T10:17:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004224989"},"modified":"2022-12-08T10:54:49","modified_gmt":"2022-12-08T18:54:49","slug":"black-creek-group-nabs-houston-industrial-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/black-creek-group-nabs-houston-industrial-campus\/","title":{"rendered":"Black Creek Group Nabs Houston Industrial Campus"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Stafford<\/a>

Stafford Grove Industrial Park in Stafford, Texas<\/p><\/div>\n

An investment platform sponsored by the Black Creek Group LLC has acquired Stafford Grove Industrial Park, a trio of Class A industrial warehouse buildings in the Southwest Houston suburb of Stafford, Texas, from a joint venture between Crow Holdings Industrial and its investment partner.<\/p>\n

HFF represented the sellers in the transaction. The price was not disclosed.<\/p>\n

The three buildings, which total 351,960 square feet, are 84.5 percent leased to seven tenants, with an additional 54,550 square feet of vacancy remaining in two spaces.<\/p>\n

\u201cThe appeal was that it\u2019s new Class A product in an infill location within the submarket,\u201d <\/em>Trent Agnew, HFF\u2019s managing director, told Commercial Property Executive. \u201cThe site plan\/buildings have a lot of flexibility with regard to tenant size and trailer parking and have had a strong lease-up\u2014leased to 85 percent occupancy within 12 months with several other prospects for the remaining two vacancies.\u201d<\/em><\/p>\n

Originally completed last year, Stafford Grove Industrial Park is situated at 10633, 10643 and 10653 W. Airport Blvd., at the intersection of Murphy Road in the epicenter of Houston\u2019s Southwest submarket.\u00a0Features include 24- to 30-foot clear heights, a total of 120 dock-high doors, 130-foot truck courts, three drive-up ramps and 38 trailer parking spaces between each building.<\/p>\n

Industrial interest is strong<\/strong><\/h2>\n

Looking at its portfolio, Stafford Grove Industrial Park represents the type of high-quality project that the company has built many of its industrial portfolios around. For example, in March, Black Creek Group acquired<\/a> a three-building industrial portfolio totaling 743,381 square feet in Colton, Calif.<\/p>\n

Interest in the Stafford Grove Industrial Park was very strong. A multiple round bid process and depth of capital included core funds, institutional advisors and 1031\/private capital.<\/p>\n

\u201cThere is a lack of Class A offerings out across the country so there is a tremendous supply\/demand imbalance with all of the capital looking to be placed into industrial currently,\u201d<\/em> Agnew said. \u201cIndustrial is at the top of the list in terms of preferred product type at this time due to remarkably strong fundamentals, low CAPEX product type and cash-on-cash returns.\u201d<\/em><\/p>\n

According to Agnew, historically the Southwest submarket hasn\u2019t been viewed quite as favorably as Northwest or Southeast but that is changing due to the leasing velocity in recent years.<\/p>\n

\u201cThis particular site can\u2019t be replicated due to the lack of available land within Stafford city limits and there are some specific tax advantages afforded to tenants that give support for continued upward pressure on rental rates,\u201d<\/em> he said.<\/p>\n

\u00a0<\/em>The buyer has no plans for changes at this time. They have a lease in progress for one of the two remaining vacancies and it is a long-term hold for them.<\/p>\n

HFF\u2019s investment advisory team also consisted of Senior Managing Director Rusty Tamlyn and Analyst Dane Petersen.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company has purchased three warehouses totaling 351,960 square feet in Stafford, Texas, from a joint venture led by Crow Holdings Industrial.<\/p>\n","protected":false},"author":451,"featured_media":1004225067,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1589,21748,21783,21742],"tags":[38162,39368,32792,37188],"class_list":["post-1004224989","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-houston","category-industrial","category-investment","category-latest","tag-black-creek-group","tag-crow-holdings-industrial-portfolio","tag-hff","tag-trent-agnew"],"acf":[],"yoast_head":"\nBlack Creek Group Nabs Houston Industrial Campus - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/black-creek-group-nabs-houston-industrial-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Black Creek Group Nabs Houston Industrial Campus\" \/>\n<meta property=\"og:description\" content=\"The company has purchased three warehouses totaling 351,960 square feet in Stafford, Texas, from a joint venture led by Crow Holdings Industrial.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/black-creek-group-nabs-houston-industrial-campus\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-04-27T10:17:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:54:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/04\/Stafford-Grove-Industrial-Park.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/black-creek-group-nabs-houston-industrial-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/black-creek-group-nabs-houston-industrial-campus\/\",\"name\":\"Black Creek Group Nabs Houston Industrial Campus - 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