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Houston-based real estate investor and developer Pagewood acquired Georgibelle Business Park, a nine-building infill park in Spring Branch totaling 102K SF, the company announced.
This follows Pagewood and joint venture partner CenterSquare Investment Management last month acquiring Gateway Industrial Commons, a 621K SF industrial portfolio of 46 buildings throughout nine business parks.
Pagewood acquired Georgibelle Business Park from Buffalo Real Estate Partners. It spans 4.5 acres and includes nine buildings with spec offices and warehouses ranging from 500 to 5,500 SF.
Pagewood has begun updates and capital improvements to the park, including roof and ground repairs, repainting, updating facades and renovating offices.
Nick Spearman represented Pagewood, and Justin Patchen represented Buffalo Real Estate Partners. Texas First Bank provided financing for Pagewood. Derick Perkins and Kyle Fischer with Alpine Partners are leasing the property.
Pagewood and Wile Interests have a major redevelopment underway in East Downtown where they plan to transform a collection of mid-20th-century warehouses into a contiguous 10-block mixed-use development.
Also this year, Pagewood sold the Great 290 Distribution Center, the company’s first ground-up development. Pagewood sold the 501K SF building in Waller to Louisiana-based Sealy & Co. a few months after completing and fully leasing it.
Industrial investment in Houston has been hot this month, as KKR was revealed to be making the city’s second-largest warehouse acquisition ever. KKR plans to put down $234M for a 1.8M SF industrial park in Missouri City developed by Artis Real Estate Investment Trust.
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