Principal Asset Acquires 2 Million SF, Market briefs

In Houston, Principal Asset Management and a state-sponsored pension plan have purchased a 2.1 million-SF industrial portfolio including four buildings totaling nearly 710,000 SF in suburban Houston.

In Jll Capital Markets brokered the 10, building sale on behalf of the seller.

The 96.7%-occupied portfolio consists of five properties in Denver, four in Missouri City, and one in northeast New Jersey. The portfolio has of an average building size of 210,000 SF and an average clear height of 32 feet. The local buildings, ranging from about 82,000 SF to 290,000 SF, were completed in the Waypoint Business Park near Beltway 8 and U.S. 90 in 2020.

“This portfolio transaction demonstrates the continued favor that high-quality assets in strategic markets enjoy with investors,” said JLL Senior Managing Director Trent Agnew. “We had a highly competitive process that resulted in a good outcome for the client.”

Along with Agnew, JLL’s John Huguenard, Peter Merrion, John Plower, Patrick Nally, Charlie Strauss, William McCormack and Robert Key.

In 2019, a joint venture of Houston-based 4M Investments and Clarion Partners laid out plans develop Waypoint Business Park near the corner of Beltway 8 and Highway 90, 4M Partner Tripp Rice said at the time.