A joint venture of Houston-based Adkisson Group and Los Angeles-based PCCP bought a 2.7M SF, 64-building industrial property in what is said to be Houston’s largest-ever industrial campus sale.
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The Texas Development Co., a Houston-based firm founded by Jim Petersen in the 1970s, developed Northwoods Industrial Park into its current form after acquiring the first parcels at 11919 FM 529 in 1995, the Houston Business Journal reported. The 230-acre property is near the intersection of U.S. Highway 290 and Beltway 8 in Northwest Houston.
The complex is 98% occupied by a mix of local, national and international credit tenants, according to Stream Realty Partners, which said the trade is the largest known industrial campus sale in Greater Houston by square footage and acreage.
Stream’s Jon Farris represented the seller and will lead leasing for the property. The buyer was represented by the late Travis Land of Partners Real Estate, who died of cancer earlier this year. The transaction was worked on for nearly two years, Farris said in a statement.
“The late Travis Land was instrumental in bringing this opportunity together and advancing it from the beginning,” Farris said. “Seeing it close at this scale is a testament to his leadership, the relationships he built, and the trust he earned throughout his career.
“Travis left an extraordinary legacy in Houston’s commercial real estate community, and his impact continues to be felt today.”
Northwoods Industrial Park’s buildings each have one or more bridge cranes, with crane hook heights ranging from 21 to 29 feet. Building heights range from 31 to 41 feet.
Each facility includes three-phase electrical power, natural gas and a fenced outdoor storage yard. The campus is also served by a Union Pacific rail spur and a private well.
Houston has seen several large industrial trades this year, including High Street Logistics Properties' acquisition of a 1M SF property called Northwest Spur Industrial Park.
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