Investcorp buys large U.S. industrial portfolio with 19 Texas buildings
Bahrain-based Investcorp has acquired a 4.5 million-square-foot industrial portfolio spanning seven U.S. metro areas for about $300 million, the company announced. About a third of the 56 buildings acquired are in Texas.
The purchase includes two buildings in Houston, 16 in Dallas, one in San Antonio plus others in Minneapolis, Chicago, Philadelphia/Delaware and Phoenix.
The 90-percent leased portfolio is made up of properties in infill areas where supply is constrained, Investcorp said. The urban locations are suited for e-commerce tenants shipping products the “last mile” to customers’ residences or businesses. The buildings, comprising warehouses, light manufacturing and flex buildings, are leased to 196 tenants.
The properties, including 8790 Wallisville and 1150-1170 Silber in Houston, were purchased from Connecticut-based Greenfield Partners, according to CBRE. A team including Jack Fraker, managing director of CBRE Global Industrial & Logistics, marketed the portfolio.
The deal, the largest of nine industrial portfolios purchased by Investcorp in the past 36 months, boosts the company’s U.S. industrial holdings to 14 million square feet.
Investors spent a record $18.2 billion on U.S. industrial properties in the second quarter, according to Marcus & Millichap. Industrial rents rose 5.8 percent year-over-year as vacancy sank to a historic low of 4.9 percent in the second quarter.
E-commerce sales, which rose 15 percent in the second quarter from a year ago, are driving demand, Marcus & Millichap said.
Investcorp, a manager and provider of alternative investment products with more than $22 billion of assets under management, invests in office, retail, industrial, multifamily and hospitality properties in the largest 30 metro areas. The group’s real estate arm is based in New York.