Denver investor adds to Houston industrial portfolio
Denver-based Black Creek Group sold the bulk of its Houston portfolio in January, but is still keen on the Bayou City.
The real estate investment management and development firm closed on the purchase of Port 146, a 140,275-square-foot industrial building at 2020 N. Highway 146 in La Porte, from Clay Development & Construction on April 14.
Andrew Jewett and Jason Dillee of Cushman & Wakefield represented Houston-based Clay in the sale, which adds a second building in La Porte to Black Creek’s holdings.
The company plans to find a tenant for the recently completed building, which is near the Port of Houston, and hold it for the long term. The COVID-19 pandemic did not interfere with the deal, as the company believes the building will be a solid performer.
“We really value the location of this asset and its position adjacent to the port,” said Mace McClatchy, Black Creek’s Dallasbased senior vice president.
The building is suited for bulk distribution tenants such as those handling consumer goods, food and beverage or plastic resins. It also has outside trailer storage.
“We try to cast a wide net buying empty buildings so we can capture many different styles of tenant demand,” McClatchy said.
Black Creek sold 22 buildings in the local market to Prologis in January as part of a larger portfolio sale by its Industrial Property Trust fund.
The firm, which invests in industrial, office, multifamily and retail properties through various investment platforms, owns 41.3 million square feet across 29 markets. The industrial component totals 35.3 million square feet, including roughly 1 million square feet in the Houston area.
Locally, Black Creek owns six buildings, including three in Stafford, one in northwest Houston and two in La Porte, and 40 acres in Chambers County east of Houston.
Houston investor grows San Antonio portfolio
Sun Holdings Group, a Houston real estate investment and management firm, expanded its San Antonio holdings with the acquisition of the Tradehouse at Bulverde Marketplace apartments. Built in 2018, the 330-unit complex at 17038 Bulverde Road in north central San Antonio was purchased from NRP Group of Cleveland. It is part of the 104-acre Bulverde Marketplace mixed-use development anchored by H-E-B.
The three-story complex, which offers one- and two-bedroom units up to 1,532 square feet, is accessible to North Central Baptist Hospital and the University of Texas at San Antonio. Amenities include a pool and outdoor kitchens, a social lounge, billiards room and fitness center.
Sync Residential, the property management arm of Sun Holdings Group, will manage the property, which fits in with Sun Holdings’ strategy of acquiring Class A properties as long-term investments.
“We worked closely with Freddie Mac and Berkadia’s Cutt Ableson to successfully secure very attractive financing,”said Ido Blatt, managing partner of Sun Holdings Group. “We look forward to building upon these types of relationships to pursue future acquisitions.”
Sun Holdings has amassed a portfolio of 5,500 apartment units across 18 properties, including three in San Antonio. It also owns and operates apartments in Houston, Atlanta, Austin/central Texas and Fayetteville, Ark. The company’s principals moved to Houston from Israel in 2014 and formed the Sync Residential division, which employs 141 people, in 2016.
While Blatt said the firm was “bullish on the long-term prospect of multifamily,” given the “double whammy” of low oil prices and COVID-19, Sun Holdings is proceeding with caution on Houston investments.
“We’re hopeful that Houston remains strong and continues to grow, but given the circumstances, we’re a little bit more cautious,” Blatt said.