Light industrial park sells in Houston’s Southwest submarket
JLL Capital Markets closed the sale of the six-building multi-tenant industrial/flex property on behalf of Griffin Partners
HOUSTON, Oct. 11, 2021 – JLL Capital Markets announced today that it has closed the sale of Commerce Center Sugar Land, a six-building light industrial/flex portfolio totaling 93,945 square feet in the suburban Houston community of Sugar Land, Texas.
JLL marketed the portfolio on behalf of the seller, an affiliate of Griffin Partners, Inc. A subsidiary of ARKA Properties Group, Inc. purchased the portfolio.
Commerce Center Sugar Land was constructed between 2006 and 2007 and consists of four side-load and two rear-load buildings with a variety of warehouse, manufacturing and specialized lab space. The buildings feature clear heights ranging from 16 to 18 feet, 37 percent office finish and ample vehicle parking. The 91.6-percent-leased portfolio is home to 11 tenants in the environmental, energy, manufacturing and market research industries.
Situated on 7.154 acres at 12553, 12559, 12565, 12615, 12621 and 12625 W. Airport Blvd., Commerce Center Sugar Land is within the deed-restricted, master-planned Sugar Land Business Park, which is in the land-constrained Southwest Industrial submarket, one of Houston’s premier industrial submarkets. The portfolio is at the convergence of West Airport Boulevard and Dairy Ashford Road, which is near both U.S. Highway 59 and Beltway 8, providing access across the Houston MSA and beyond.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director Trent Agnew, Director Charles Strauss and Analysts Katherine Miller and Jack Moody.
“The Commerce Center Sugar Land transaction is another example of continued interest from a deep buyer pool for flex/light industrial product both locally and nationally,” Strauss said. “As construction costs and land prices continue to rise, it has become incredibly difficult to replicate properties such as this that cater to smaller tenants in the market, driving both leasing and investor demand for this product type.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Griffin Partners
Griffin Partners is a commercial real estate investment, development and property management firm founded in 1980 by Fred Griffin. Headquartered in Houston, Texas, Griffin Partners cumulatively has acquired or developed over 14 million square feet of space across more than 70 projects comprising 96 individual properties, with an aggregate value that exceeds $2 billion. The company owns and operates properties throughout Texas, Colorado, Arizona, Utah, Tennessee and North Carolina. For more information on Griffin Partners, visit griffinpartners.com.
About ARKA Properties Group, Inc.
ARKA Properties Group, Inc. (“ARKA”) is a private, family-owned and operated real estate investment company with over 50 years’ experience. ARKA was created in 1988 as a spin-off from the family’s original company, KB Management Co., co-founded in 1955 by the late Arthur and Rosalie Kaplan. ARKA specializes in industrial and commercial single tenant, net-leased investments. However, the portfolio is diversified (and risk is mitigated) through its numerous multi-tenant buildings and multi-family units (government contracted affordable housing) in 17 states. Currently, the ARKA portfolio contains over 14 million square feet of industrial, commercial and retail space, nationwide, and over 2,000 units of affordable housing (all in California).