Investor purchases Houston’s Park 845 Crossing
JLL Capital Markets completed the sale and financing of the five-building industrial park
HOUSTON, June 16, 2021 – JLL Capital Markets announced today that it has closed the sale and arranged the $55 million financing of Park 845 Crossing, a five-building industrial park totaling 757,325 square feet in Houston, Texas.
JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman, and procured the buyer, an affiliate of Equus Capital Partners, Ltd. Additionally, JLL worked on behalf of the borrower to secure the three-year, floating-rate acquisition loan.
Park 845 Crossing is located at the intersection of Interstate 45 and Beltway 8 at 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd. in the North Houston industrial submarket. The strategic location affords the property regional connectivity to the entire Houston area and is just eight miles from George Bush Intercontinental Airport and 15 miles north of Downtown Houston.
The Class A properties were built from 2008 to 2014 and offer 18’ to 30’ clear heights, 186 dock doors, two buildings with cross-dock configurations and three buildings with rear-load configurations. Overall, Park 845 Crossing is 61.5% leased to 11 tenants providing value-add upside via lease up of the remaining vacancy.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Rusty Tamlyn and Trent Agnew, Director Charlie Strauss and Analysts Katherine Miller and Jack Moody.
JLL’s Debt Placement team was led by Senior Directors John Ream and Michael Johnson and Analyst Stuart Hepler.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IDI Logistics
IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. Since 1989, IDI Logistics has developed and acquired more than 100 world-class business parks and 750 warehouses totaling over 200 million square feet throughout North America.
Heitman is a global real estate investment management firm with $43.8 billion in assets under management. Founded in 1966, the firm has 10 offices worldwide and is an active participant in three key segments of the global real estate property and capital markets. Its collaborative investment process uses input from some of the most experienced investment and research professionals in the industry.
About Equus Capital Partners, LTD.
Equus Capital Partners, Ltd. is one of the nation’s leading real estate investment managers. Equus’ diversified portfolio consists of office, multi-family and industrial properties located throughout the United States. The firm is headquartered in the Philadelphia area with regional offices in Chicago, Los Angeles, Washington D.C., Atlanta, Raleigh-Durham and South Florida. For additional information, please visit the company’s website at equuspartners.com.