Dallas Investment Fund Acquires 936,608 Sq Ft Office Portfolio in Houston
The McCarty Business Park is part of a Houston portfolio purchased by an ATCAP fund.
HOUSTON – ATCAP Fund I has acquired a four-property, 16-building industrial portfolio in Houston totaling 936,608 square feet.
The HFF team of Trent Agnew and Rusty Tamlyn represented the seller, Stockbridge Capital Group, based in San Francisco.
“Class B industrial product, particularly large portfolios, continues to attract significant interest because of limited new supply, attractive pricing relative to replacement costs, and upward pressure on rents,” Agnew said. “Since we handled the sale of this portfolio to Stockbridge’s value fund in 2012, rents have increased notably. ATCAP recognizes the chance to keep that momentum going at a cost basis well below current replacement costs.”
The portfolio includes the Astro Business Park on Knight Road, the McCarty Business Park, two buildings on Griggs Road, and four buildings on Westpark Drive.
This acquisition is the inaugural investment for ATCAP Fund I, LP, the new vehicle of Dallas-based ATCAP Partners.
Financing for the buyer was arranged by Brian Carlton and Cameron Cureton of HFF. The loan is a five-year, fixed-rate facility provided by Global Atlantic Financial Group.
Property details: Astro Business Park at 8825–9087 Knight Road totals 206,483 square feet; two buildings at 5990–6018 Griggs Road total 225,475 square feet; McCarty Business Park at 245–309 McCarty Street totals 298,081 square feet; and four buildings at 8710–8798 Westpark Drive total 206,569 square feet.
The portfolio is 95 percent leased to 57 tenants and occupies infill locations within three of Houston’s top industrial submarkets.
