Houston: High Street Buys 1 Million-SF Project

In Houston, High Street Logistics Properties Capital Markets has purchased Northwest Spur Industrial Park, a six-building, 1,010,912-SF industrial project in Northwest Houston.

The industrial park, located near Highway 290, is served by a Union Pacific rail line, which creates consistent demand among manufacturing and distribution tenants, as stated by JLL Capital Markets, which represented the seller in the transaction.

Located at 9200-9300 Baythorne Drive and 4820 Blalock Road in Houston, the fully occupied industrial park encompasses 43.5 acres and features shallow-bay buildings constructed in 1980, with clear heights ranging from 18 to 24 feet. The portfolio includes 216 dock doors, 24 ramps, 587 car parking spaces and recently updated roofing systems across the buildings.

The JLL Capital Markets team was led by Senior Managing Director Trent Agnew, Managing Director Charlie Strauss, Senior Director Lance Young, Associate Brooke Petzold and Analyst Dawson Hastings.

“High Street recognized the exceptional fundamentals of a fully occupied, rail-served industrial park in an infill location that would be prohibitively expensive to replicate today,” said Agnew. “The property’s 30-year operating history with anchor manufacturing tenants, combined with near-term lease rollover creating mark-to-market potential exceeding 20%, presented a differentiated value proposition in the Houston industrial market.”

In recent years, there has been a lot of industrial activity along Highway 290 outside of Loop 610, around Beltway 8, a part of town that has been chosen for new tech assembly facilities.

In the last year, technology manufacturing and assembly has surged in an area near the Sam Houston Race Park horse track and Fairbanks North Houston Road and Beltway 8 with new facilities by Apple, the Nvidia semiconductor firm and Taiwan-based tech manufacturer Foxconn Corp.

Apple reported in late February that it’s building a 250,000-SF facility that will produce servers for AI functionality.