CenterSquare acquired Beltway 249 Business Center, a 107,020-square-foot infill service industrial property situated in the Highway 290/Tomball Parkway submarket of Houston.
The three-building, 62% occupied property features an average suite size of 4,116sf, 14’-22’ clear heights, and oversized grade-level loading doors. Located at the intersection of Beltway 8 and Highway 249, the property can access 45% of the MSA’s population within 30 minutes.
The portfolio was acquired off-market, with CenterSquare’s proactive, relationship-oriented approach ultimately securing the investment opportunity. The business plan contemplates spending additional capital to reposition the vacant suites to drive leasing velocity and stabilize the property’s occupancy. Additionally, we intend to complete various capital improvements such as monument signage, concrete repairs, and any deferred maintenance on an as-needed basis.
