CBRE announced the sale of The Pines Business Park I & II, a six-building logistics portfolio totaling 281,481 square feet. The property is located at 600-608 and 612-620 Spring Hill Drive, respectively, in Spring, Texas. Nuveen purchased the portfolio from AEW for an undisclosed price.
Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.
Strategically located in the growing city of Spring, the property has direct access to I-45 and is less than five miles from The Woodlands, a key industrial hub in Houston. The property was 100% occupied at the time of sale with an average remaining lease term of 3.66 years.
According to CBRE’s Q2 2022 Houston MarketView, Houston had its second-largest quarter in over 20 years with 7.8 million square feet of positive net absorption in Q2. In the North Houston submarket alone, there were nearly 2.3 million square feet of net absorption alone, bring the vacancy rate to 5%.