Nuveen has acquired The Pines Enterprise Park, an industrial campus totaling 281,481 sq. ft, in Spring, Texas, from AEW Capital Administration. In accordance with CommercialEdge knowledge, the property final traded in 2019, when TA Realty offered the asset as a part of a portfolio deal.
The CBRE workforce that brokered the transaction on behalf of the vendor included Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber.
In accordance with CommercialEdge knowledge, Nuveen owns 36 industrial properties within the Houston market. This yr, the corporate has invested within the improvement of life science services in West Los Angeles and Holly Springs, N.C.
Logistics campus in suburban Houston
The logistics campus consists of six buildings that have been developed in two phases. The Pines Enterprise Park Section I used to be accomplished in 2008 and consists of three buildings totaling 145,200 sq. ft throughout 8.4 acres, and 210 parking areas. The services characteristic between 20 and 24-foot clear heights, loading doorways, dock leveler and dock bumpers. Accomplished in 2013, Section II additionally consists of three buildings. The services sit on 10.3 acres and embody 141,260 sq. ft, with 20 to 24-foot clear heights, 60 parking areas, in addition to the identical loading and entry options as Section I. MK Battery, QuestMark, WAVE Electronics, Taylor Healthcare Product and Customary Provide are among the many property’s tenants. The campus was 100% occupied on the time of the sale.
Situated at 600 and 616 Spring Hill Drive, The Pines Enterprise Park is about 5 miles from The Woodlands, a key industrial hub in Houston, whereas offering easy accessibility to Interstate 45. Nathan Wynne, senior vice chairman with CBRE, commented in ready remarks that the property advantages from an absence of aggressive industrial product within the quick space.
As of July, Houston’s provide pipeline had 18.5 million sq. ft underneath development, with 695.7 million sq. ft of commercial area underneath development nationwide.
