CoStar: Roxborough, Triten Real Estate Close on 526,733-SF Light Industrial Portfolio in Houston
Three-Bldg. Portfolio Comprised of Market Street Distro Center, Westchase Business Center and Plaza Del Oro
The Roxborough Group, a San Francisco-based real estate investment firm, and Triten Real Estate Partners, LLC, an operating and development firm based in Houston, have partnered up for the first time to acquire a 526,733-square-foot light industrial portfolio in Houston from Greenfield Partners, LLC, a institutional investment firm based in Westport, CT. Terms of the off-market deal were not disclosed.
The three-property infill portfolio is made up of Market Street Distribution Center, a 355,404-square-foot industrial building located at 8000 Market St.; Westchase Business Center, a 79,011-square-foot industrial building located at 3700-3798 Westchase Dr.; and Plaza Del Oro, a 92,338-square foot flex asset located on the corner of El Rio St. and South Loop Freeway West.
Currently 97% leased, the portfolio is home to a multitude of tenants including CFC, Buffers USA, Smart Rags Recycler, W&O Supply, MirrorImage, DaVita Kidney Care and Lonza Houston.
“Each of these well-located assets serve demand that is insulated from the volatility in the energy markets,” said Dan Kodner, vice president of The Roxborough Group. “Institutional capital, however, has largely turned its attention away from broader Houston, which created an opportunity to acquire these properties at highly attractive pricing.”
The acquiring venture plans to carry out a value-add initiative that will target interior and exterior renovations.
Please see CoStar COMPS # 3840878 for more information on this transaction.