CenterSquare acquired a 244,946-square-foot service industrial portfolio in Houston.
Houston Woodlands is a four-building portfolio in the Woodlands and Spring submarkets of Houston. The portfolio is 88% occupied, consisting of 55 suites averaging 4,454 square feet per suite, with oversized grade-level doors and 17’-18’ clear heights.
In addition to the market’s record-low supply, CenterSquare has an existing 9-property service industrial portfolio, Gateway Industrial Commons, in the Houston MSA, which speaks to CenterSquare’s extensive knowledge and access to data specific to the Houston market.
In addition to acquiring the property below replacement cost, the business plan consists of a capital improvement plan including minor roof repairs, concrete repairs, and adding HVAC where needed. These improvements,combined with our institutional management, will allow CenterSquare to successfully execute its value-add strategy and drive meaningful growth in net operating income.
This transaction is the second Service Industrial investment in the latest fund in CenterSquare’s Value-Add Strategy, bringing our total service industrial portfolio to more than 1.6 million square feet.
