46 Houston Buildings Purchased by Pagewood JV

In Houston, Pagewood and CenterSquare, both real estate owners, operators, and developers, reported the joint purchase of nine business parks and the formation of Gateway Industrial Commons.

The 621,000-SF portfolio is a collection of 46 buildings across more than 34 acres in Northwest Houston.

“We are thrilled to partner with CenterSquare on our first institutional joint-venture purchase to form a robust network of business parks across our great city,” said Paul Coonrod, Founder and Managing Principal of Houston-based Pagewood. “We are confident Gateway Industrial Commons will deliver a dynamic and in-demand industrial product seldom seen.”

Purchased from HRES Group, the portfolio includes:

1656 Townhurst Drive, 57,190 sq ft in one building.

1330 Sherwood Forest, 56, 770 sq ft across three buildings.

1411 Upland Drive, 19,250 sq ft in one building.

1771 Upland Drive, 50,932 sq ft between two buildings.

1500 Brittmoore Road, 119,840 sq ft across nine buildings.

6100 Brittmoore Road, 89,350 sq ft across nine buildings.

6989 West Little York Road, 70,000 sq ft across three buildings.

4125 Hollister Street, 98,000 sq ft between two buildings.

4041 Hollister Street, 60,100 sq ft between sixteen buildings.

“The purchase 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, which is based in Philadelphia. “Given the scarcity of new developments and rising costs of construction, this portfolio is well positioned for success amidst prevailing market conditions.”

Last November, it was reported In Daikin Hvac leased a 500,000, SF spec industrial project developed by Pagewood, called the Great 290 Distribution Center.