Outrigger Industrial made its first sale in the Houston market with the disposition of one building in Generation Park, while it fully leased another.
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Outrigger sold the 1M SF industrial building at 12515 Lockwood Road in the Lake Houston area to an undisclosed technology-focused company.
Outrigger also leased an entire 256K SF building at 1055 W. Lake Houston Parkway to Representative Materials Co.
The team at Outrigger Industrial executed the disposition and lease in partnership with the private REIT it externally manages, Centris Industrial.
Outrigger developed both buildings, which are on an 87-acre site in Generation Park, McCord Development’s 4,300-acre master-planned commercial development in Northeast Houston. The firm secured $96.9M of financing for the 1.3M SF development in July.
Representative Materials Co., a manufacturer and service provider of electrical conduit systems and products serving data centers and other industrial projects, originally leased 119K SF in July and just expanded that lease by 137K SF to occupy the full building.
“Strong regional demand for well-built industrial property, premium amenities and access to electrical distribution, has given us the fiscal flexibility to maximize our assets at Generation Park through both leasing and strategic disposition,” Outrigger Industrial Managing Partner Joe Trinkle said in a statement.
JLL’s Jarret Venghaus, Jeff Venghaus and David Holland represented Outrigger Industrial in both transactions. Richard Quarles, Craig Jones and John Pasta of JLL represented the buyer. Ryan Fuselier and David Buescher, also of JLL, represented Representative Materials Co.
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