JLL Capital Markets announced today that it has closed the sale ofCommerce Center Sugar Land, a six-building light industrial/flex portfolio totaling 93,945 square feet in the suburban Houston community of Sugar Land, Texas.
JLL marketed the portfolio on behalf of the seller, an affiliate of Griffin Partners, Inc. A subsidiary of ARKA Properties Group, Inc. purchased the portfolio.
Commerce Center Sugar Land was constructed between 2006 and 2007 and consists of four side-load and two rear-load buildings with a variety of warehouse, manufacturing and specialized lab space. The buildings feature clear heights ranging from 16 to 18 feet, 37 percent office finish and ample vehicle parking. The 91.6-percent-leased portfolio is home to 11 tenants in the environmental, energy, manufacturing and market research industries.
Situated on 7.154 acres at 12553, 12559, 12565, 12615, 12621 and 12625 W. Airport Blvd., Commerce Center Sugar Land is within the deed-restricted, master-planned Sugar Land Business Park, which is in the land-constrained Southwest Industrial submarket, one of Houston’s premier industrial submarkets. The portfolio is at the convergence of West Airport Boulevard and Dairy Ashford Road, which is near both U.S. Highway 59 and Beltway 8, providing access across the Houston MSA and beyond.
The JLL Industrial Capital Markets team that represented the seller was led by Senior Managing Director Trent Agnew, Director Charles Strauss and Analysts Katherine Miller and Jack Moody.
“The Commerce Center Sugar Land transaction is another example of continued interest from a deep buyer pool for flex/light industrial product both locally and nationally,” Strauss said. “As construction costs and land prices continue to rise, it has become incredibly difficult to replicate properties such as this that cater to smaller tenants in the market, driving both leasing and investor demand for this product type.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.