HOUSTON – (Realty News Report) – ARKA Properties Group has acquired Commerce Center Sugar Land, a six-building industrial flex complex located in southwest Houston.
The seller, Houston-based Griffin Partners, had owned the property since 2012 and will continue to manage and operate the complex on behalf of ARKA Properties Group.
Constructed between 2006 and 2007, the six institutional-quality light industrial buildings occupy a 7.2-acre site within Sugar Land Business Park, near West Airport Boulevard and Dairy Ashford. The project is designed to serve smaller tenants seeking flexible industrial and office space.
The JLL Industrial Capital Markets team representing the seller included Trent Agnew, Charles Strauss, Katherine Miller and Jack Moody.
“The Commerce Center Sugar Land transaction highlights continued demand from a broad buyer pool for flex and light industrial properties both locally and nationally,” said Charles Strauss. “Rising construction costs and land values make it increasingly difficult to replicate properties that cater to smaller tenants, which in turn fuels leasing activity and investor interest in this asset class.”
Houston has seen robust industrial construction activity in recent years, including notable growth in southwest submarkets.
Commerce Center Sugar Land was one of 11 assets in Griffin Partners’ Office Fund II and was originally acquired in 2012. Griffin Partners is currently raising capital for Griffin Partners Income & Value Fund IV, which will include a diversified mix of office and industrial properties across 10 secondary markets throughout Texas, the broader Southwest, and other Sunbelt regions in the United States.
Griffin Partners is an established owner and operator of commercial real estate across Colorado, North Carolina, Texas, Utah and Tennessee. Founded in 1980, the firm’s four senior principals have an average of 35 years of diverse real estate experience. Since its founding in Houston, Griffin Partners has acquired or developed more than 14.3 million square feet of office, mixed-use and light industrial properties with a combined value exceeding $2.1 billion.
Oct. 11, 2021 Realty News Report. Copyright 2021.
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Image courtesy: Griffin Partners, JLL Capital Markets
File: ARKA Buys Griffin Project in Sugar Land Business Park. Commerce Center Sugar Land.
File: (2) ARKA Buys Griffin Project. Commerce Center Sugar Land.