CenterSquare Investment Management, in a joint venture with PAGEWOOD, has acquired Gateway Industrial Commons, a 621,000-square-foot service industrial portfolio in the Northwest Submarket of Houston.
Comprised of 46 buildings spanning nine properties, the portfolio caters to a diverse array of service-oriented tenants and accommodates users of various sizes, with spaces ranging from 1,000 to 30,000 square feet.
Properties within the portfolio feature 14’-15’ clear heights and an average office buildout of 19%. The Portfolio spans the Southern Brittmoore and Lower 290 corridors of Houston and is easily accessible via several major throughways including I-10, Beltway 8 and Highway 290.
CenterSquare and PAGEWOOD intend to address deferred maintenance and make a range of capital improvements throughout the properties including concrete repairs, metal framing upgrades, new signage, painting building exteriors and executing make-ready tenant improvements.
Additional property improvements, such as adding LED lighting and replacing HVAC with ecofriendly coolant, will be completed to ensure the Portfolio’s sustainability. With improved aesthetics and institutional management of operations, the Portfolio will be positioned to significantly increase the in-place rental rates to align with prevailing market rates and drive meaningful growth of net operating income.