PAGEWOOD and CenterSquare Acquire 621,000SF Infill Portfolio
Media Features:
PAGEWOOD and CenterSquare, both real estate owners, operators, and developers, in a joint venture together announced the acquisition of nine business parks and the formation of Gateway Industrial Commons— a collection of business parks comprising of a total of 46 buildings across the city of Houston.
“We are thrilled to partner with CenterSquare on our first institutional joint-venture acquisition to form a robust network of business parks across our great city,” said Paul Coonrod, Founder and Managing Principal of PAGEWOOD. “With our success in northwest Houston and the studied data science from our Lighthouse, we are confident Gateway Industrial Commons will deliver a dynamic and in-demand industrial product seldom seen.”
Totaling 621,432 square feet across more than 34 acres, the portfolio of nine business parks includes a total of 46 buildings. Located within or near Beltway 8, the business parks are centralized in Northwest Houston.
Acquired from HRES Group, the portfolio includes:
1656 Townhurst Drive, 57,190 square feet in one building.
1330 Sherwood Forest, 56, 770 square feet across three buildings.
1411 Upland Drive, 19,250 square feet in one building.
1771 Upland Drive, 50,932 square feet between two buildings.
1500 Brittmoore Road, 119,840 square feet across nine buildings.
6100 Brittmoore Road, 89,350 square feet across nine buildings.
6989 West Little York Road, 70,000 square feet across three buildings.
4125 Hollister Street, 98,000 square feet between two buildings.
4041 Hollister Street, 60,100 square feet between sixteen buildings.
“The acquisition of Gateway Industrial Commons reflects our unwavering confidence in the limitless opportunities within the Service Industrial sector,” stated Victoria Madrid, Vice President of Private Real Estate at CenterSquare. “Given the scarcity of new developments and rising costs of construction, this Portfolio is well positioned for success amidst prevailing market conditions. In collaboration with PAGEWOOD, we will enhance both the sustainability and profitability of the Portfolio, driving substantial growth and aligning in-place rental rates to meet market standards.”
PAGEWOOD and CenterSquare have already begun planning updates and scaled renovations across the joint-venture portfolio. The business parks will undergo phased renovations to include upgrading building mechanical equipment, updating exterior facades and common area spaces, enhancing landscape and lighting, and more.
“Acquiring these nine business parks enhances our growing and diverse portfolio of Houston-area real estate,” said Nick Spearman, Vice President of PAGEWOOD. “Our joint venture is committed to creating a setting that exceeds the needs of our tenants and elevates and redefines the traditional business park model. The formation of Gateway Industrial Commons marks the changing of hands to one of the last true generationally held infill portfolios and our team is excited to be its steward.”
Nick Spearman, Mat Volz and Paul Coonrod represented PAGEWOOD. Victoria Madrid and Burke Campbell represented CenterSquare. Stephen Ghedi and Jim Autenreith sold the portfolio on behalf of HRES Group. Warren Hitchcock and Blane Eikenhorst with Northmarq secured financing for PAGEWOOD & CenterSquare
Partners will lease Gateway Industrial Commons.