Stonelake Capital Partners has closed on 6161 Bingle, a 127,513-square-foot industrial property situated on 17 acres, in the heart of northwest Houston. This acquisition marks Stonelake’s sixth Houston industrial transaction in 2020, and their 18th Houston industrial transaction since 2015.
The seller, Graybar Electric Company, had previously vacated the building and desired to sell the building quickly. Graybar was represented by Andy Sowell, SIOR with Boyd Commercial, LLC. With Sowell’s assistance, Stonelake began working to acquire this functional, infill distribution building near the intersection of Highway 290 and Bingle Road. Stonelake and Graybar agreed to terms only days after the property hit the market.
With the help of David Munson, SIOR and Wes Williams, both also with Boyd Commercial, Stonelake was able to successfully negotiate a lease with Hannibal Industries. Hannibal Industries is one of the largest steel pallet rack manufacturers in the United States and is recognized as a leader in the material handling industry. The full-building, long-term lease was fully negotiated and executed in conjunction with Stonelake’s acquisition of the property.
Since entering the Houston market in 2015, Stonelake has owned or developed nearly 3.5 million square feet of industrial warehouses.