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4/04/24
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Clay Crossing Business Center, a four-building, 222,8k sf light industrial property in Houston, was acquired by HPI Holdings II LLC. The price was not disclosed.
Built between 2000 and 2002, Clay Crossing features 16-foot to 20-foot accessible industrial buildings and office suites. The property has a diverse range of suite configurations featuring four rear-load buildings and suite sizes ranging from 3.1k sf to 44.9k sf. A total of 39% of the property’s suites are below 20k sf, catering to the market’s growing tenancy base.
According to HPI owner Hal Pontez, the firm was looking to acquire an industrial product with value-add opportunity upside via future lease-up, and Clay Crossing fit the bill. The firm sees the acquisition as an opportunity to provide ready-made suites to an underserved tenant base in Houston’s urban infill light industrial market.
Trent Agnew, Charles Strauss, Lance Young and Brooke Petzold of JLL represented KBS in the sales transaction. Greenberg Traurig represented KBS as legal counsel in the disposition.
According to JLL, Houston’s 2023 year-over-year job growth of 3.1% marked the third consecutive year of remarkable employment growth for the region. This exceeded the U.S. as a whole at 2.0% and ranked Houston first among the 10 largest U.S. metros.
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