Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 Class A industrial buildings in Houston’s NW submarket.
The Claymoore Portfolio, comprised of Claymoore Business Park and Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000 to 275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18- to 24-foot clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24-foot clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants that have a weighted average tenure of over 11 years.
The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the ability to service some of the metro’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.
Marketing and leasing efforts for the portfolio will be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.
The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.