Mitchelldale Enterprise Park. Picture courtesy of Companions Actual Property
Companions Capital, by its Companions Funding Fund IV, in a three way partnership with Huntington Properties, has acquired Mitchelldale Enterprise Park, a 377,752-square-foot industrial flex property in Houston, Harris County data present. Hartman bought the 12-building portfolio. The acquisition was financed with a mortgage offered by Origin Financial institution.
The earlier proprietor acquired the portfolio in 2014 for $19.2 million, utilizing a $12.7 million mortgage originated by Voya Monetary, based on CommercialEdge knowledge.
Initially accomplished between 1974 and 1978, the low-rise Class B and C buildings underwent beauty renovations in 2004. The properties vary between 58,000 and 102,292 sq. ft. Adam Hawkins, associate at Companions Capital, said in ready remarks that the corporate plans to renovate the enterprise park by enhancing its lighting and infrastructure. The tenant roster contains Craven Carpet, Capital Couriers and Aviation Laboratories. The buildings are presently 95 % leased.
The economic property, unfold throughout 25 acres, is positioned at 5401, 5400, 5200 and 5151 Mitchelldale St., roughly 11 miles from downtown Houston, offering entry to main thoroughfares together with Freeway 290, Texas Loop 610, Beltway 8 and Interstate 10.
The present acquisition marked the eighth and ultimate buy for Companions Funding Fund IV. Companions Capital has accomplished greater than $450 million in transactions over the past six years, and its portfolio contains greater than 1.4 million sq. ft.
Portfolio transactions within the Better Houston space
Within the second half of 2022, the Houston market noticed a number of industrial portfolio transactions, starting from six to 23 belongings. A major buy closed in August, when Fort Capital acquired a 711,399-square-foot portfolio, which marked the corporate’s largest deal up to now. The 23 Class B buildings are located in suburban markets. Later, Fort Capital obtained a $72 million senior mortgage for the acquisition and lease-up, offered by PCCP.
One other logistics campus traded within the fourth quarter of 2022, when Nuveen acquired The Pines Enterprise Park, a six-building industrial property totaling 281,481 sq. ft in Spring, Texas.
