Cushman & Wakefield announced the firm represented an undisclosed seller in the disposition of two industrial portfolios totaling 1,450,039 square feet. The two portfolios consisted of the Northwest Houston Portfolio (eight buildings totaling 740,925 square feet) and the 610 Loop Portfolio (five buildings totaling 709,114 square feet).
In aggregate, the portfolio is currently 97.4% leased and is well positioned to capture near-term NOI growth as the in-place rents are currently 15%+ below market with an average remaining lease term of 3.6 years. All of the buildings are situated in coveted infill Houston locations. The Northwest Houston Portfolio is located along the Highway 290 corridor and the 610 Loop Portfolio is situated along the 610 Loop within the Northwest, South and East Houston submarkets.
The portfolios were sold to an undisclosed investment and management company. The Cushman & Wakefield National Industrial Advisory Group team representing the seller included Jim Carpenter, Jud Clements, Robby Rieke and Taylor Starnes, along with Jim Foreman and Brooke Forrest with Cushman & Wakefield’s Houston industrial leasing team.