A joint venture between Pagewood and CenterSquare Investment Management acquired Gateway Industrial Commons, a 621K SF service industrial portfolio made up of 46 buildings throughout nine business parks.
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The properties are centralized in northwest Houston, in the Southern Brittmoore and Lower 290 corridors, according to a news release.
“The acquisition of Gateway Industrial Commons reflects our unwavering confidence in the limitless opportunities within the service industrial sector,” Victoria Madrid, vice president of private real estate at CenterSquare, said in the release. “Given the scarcity of new developments and rising costs of construction, this portfolio is well positioned for success amidst prevailing market conditions.”
Spaces in the portfolio range from 1,000 to 30K SF, and the parks have from one to 16 buildings.
The JV plans to enhance both the sustainability and profitability of the portfolio as well as address deferred maintenance and improve the properties with concrete repairs, new signage, painting exteriors and other tenant improvements.
Gateway Industrial Commons is one of the last generationally held infill portfolios in Houston, according to the release. HRES Group was the seller of the portfolio.
The deal marks Pagewood’s first institutional joint-venture acquisition.
Nick Spearman, Mat Volz and Paul Coonrod represented Pagewood. Madrid and Burke Campbell represented CenterSquare. Stephen Ghedi and Jim Autenreith of Moody Rambin sold the portfolio on behalf of HRES Group, and Warren Hitchcock and Blane Eikenhorst with Northmarq secured financing for Pagewood and CenterSquare.
Partners Real Estate will handle leasing for Gateway Industrial Commons.
The properties include:
1656 Townhurst Drive, 57K SF in one building.
1330 Sherwood Forest St., 57K SF across three buildings.
1411 Upland Drive, 19K SF in one building.
1771 Upland Drive, 51K SF between two buildings.
1500 Brittmoore Road, 120K SF across nine buildings.
6100 Brittmoore Road, 89K SF across nine buildings.
6989 W. Little York Road, 70K SF across three buildings.
4125 Hollister St., 98K SF between two buildings.
4041 Hollister St., 60K SF between 16 buildings.
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