JLL Capital Markets announced that it has closed the sale and arranged the $55 million financing of Park 845 Crossing, a five-building industrial park totaling 757,325 square feet in Houston, Texas.
JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman, and procured the buyer, an affiliate of Equus Capital Partners, Ltd. Additionally, JLL worked on behalf of the borrower to secure the three-year, floating-rate acquisition loan.
Park 845 Crossing is located at the intersection of Interstate 45 and Beltway 8 at 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd. in the North Houston industrial submarket. The strategic location affords the property regional connectivity to the entire Houston area and is just eight miles from George Bush Intercontinental Airport and 15 miles north of Downtown Houston.
The Class A properties were built from 2008 to 2014 and offer 18’ to 30’ clear heights, 186 dock doors, two buildings with cross-dock configurations and three buildings with rear-load configurations. Overall, Park 845 Crossing is 61.5% leased to 11 tenants providing value-add upside via lease-up of the remaining vacancy
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Trent Agnew, Director Charlie Strauss and Analysts Katherine Miller and Jack Moody.
JLL’s Debt Placement team was led by Senior Directors John Ream and Michael Johnson and Analyst Stuart Hepler.