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HFF closes sale of six-building business center in northwest Houston
HOUSTON, TX – May 19, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Pine Forest Business Center, a 259,705-square-foot property consisting of six, fully-leased, light industrial buildings in northwest Houston.
HFF marketed the property on behalf of the seller, Cabot Properties. Stonelake Capital Partners, LLC purchased the property for an undisclosed price.
Pine Forest Business Center is part of Pine Forest Business Park, which was redeveloped from the former Pine Forest Country Club and is a master-planned, deed-restricted business park comprising 32 buildings. Pine Forest Business Center is home to a variety of tenants in the construction, distribution, manufacturing, healthcare and wholesale industries, including DXP Enterprises, Superior Plus, CTC Contractors, Power Supply Components, Highland Distributing, Recovercare and CCLD Technologies. Located at 3404-3414, 3420-3432, 3434-3448, 3454-3468, 3474 and 3502-3556 Yale Street in Houston’s Heights neighborhood, Pine Forest Business Center is part of the Northwest Industrial submarket, the largest submarket in Houston.
HFF’s investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew.
”The property’s infill location just north of the 610 Loop near the Heights attracted a number of prospective buyers during the marketing process,” Agnew said. “The property has had a track record of stable occupancy and increasing rents while also offering an opportunity for redevelopment in the future as a result of the development activity ongoing in the immediate vicinity.”
About Cabot Properties
Cabot Properties (Cabot) is a private equity real estate investment firm. The firm is a leading investor, developer and operator of industrial properties throughout North America and the United Kingdom. Formed in 1986, Cabot has invested $6.3 billion in industrial real estate, managing and operating more than 3,000 tenants in more than 145 million square feet. For more information, visit http://www.cabotprop.com.
About Stonelake Capital Partners, LLC
Stonelake Capital Partners, LLC (Stonelake) is a privately owned, fully integrated real estate investment company with offices in Dallas, Austin and Houston. Stonelake’s capital markets experience encompasses debt and equity investments in office, industrial, retail and multifamily properties in the major Texas markets. Stonelake invests capital through discretionary closed-end investment partnerships and counts among its investors some of the country’s largest college endowments, charitable foundations, family offices and pension funds. Visit http://www.stonelake.com for more information.
RUSTY TAMLYN, CCIM, SIOR
HFF Senior Managing Director
HFF Director, Marketing