Brennan Investment Group and PCCP formed a joint venture to acquire a 16-building industrial portfolio in Northwest Houston from Innovex International Inc., a subsea oil and gas equipment manufacturer.
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Houston-based Innovex sold the property at 6401 N. Eldridge Parkway for $90M, the company announced. Innovex agreed to pay $650K per month to lease the property for the rest of the year while it completes consolidation initiatives, the press release says.
The property was formerly the headquarters of Dril-Quip, which merged with Innovex last year. In 2024, Dril-Quip sold a 26-acre portion of the property to Constellation Real Estate Partners, which planned to demolish an existing building and develop a 537K SF warehouse.
The property acquired by Brennan Investment Group and PCCP is 1.3M SF in total and includes 16 buildings ranging from 11K SF to 450K SF, according to Brennan. The buildings, all constructed between 1999 and 2018, were designed for manufacturing operations.
“Facilities of this caliber and scale rarely come to market, and their scarcity is enhanced by the limited new construction in this sector,” Brennan Chief Investment Officer Kevin Brennan said in a statement.
This transaction is the first time Chicago-based Brennan Investment Group, a private real estate investment firm, has partnered with PCCP, a Los Angeles-based finance and investment management firm.
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