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Brennan Funding Group has bought an roughly 11-acre lot in Houston for the event of a 157,300-square-foot industrial constructing. Wintrust Financial institution originated an $11 million development mortgage, in accordance with Harris County public data. There may be an present, 135,030-square-foot Class B property on the location that was in-built 2007, in accordance with CommercialEdge information, which lists the property proprietor as CVS Well being Corp.
The acquisition is a part of the corporate’s technique of investing in high-quality industrial properties throughout the U.S., Managing Principal Troy MacMane at Brennan mentioned in ready remarks. Chief Funding Officer & Managing Principal Scott McKibben added that the corporate’s ongoing technique of investing within the Houston space has been influenced by the metro’s rising demand for industrial product.
Plans for the location name for a Class A, rear-load constructing that may characteristic 32-foot clear heights, trailer parking spots and ESFR sprinkler programs. Situated at 500 N Sam Houston Parkway W, the challenge, which can have a 225-foot constructing depth, can have single or multi-tenant occupancy.
The event web site is near Beltway 8 and to Interstate 45, 8 miles from George Bush Intercontinental Airport, 15 miles from downtown Houston and inside 32 miles of Sugar Land, Texas. With pre-leasing actions at present underway, the challenge is scheduled for completion within the third quarter of 2024.
In December 2022, Brennan introduced plans for one more Houston-area industrial challenge with the acquisition of a 12-acre web site in Pearland, Texas, the place it plans to construct a 216,004-square-foot Class A industrial facility, additionally designed for each single and multi-tenant occupancy.
