- A joint venture of Adkisson Group and PCCP bought Northwoods Industrial Park, a 64-building, 2.7 million SF campus on 230 acres in northwest Houston.
- Stream Realty Partners told Bisnow the campus is 98% occupied, and the buildings include bridge cranes, fenced yards and a rail spur.
- The deal is billed as the largest known industrial campus sale in Greater Houston by square footage and acreage, and it followed nearly two years of work.
Houston’s biggest industrial campus deal by size just closed: a joint venture of Adkisson Group and PCCP bought the 64-building Northwoods Industrial Park, according to Bisnow in its industrial campus sale report.
The campus totals 2.7M SF on 230 acres near U.S. 290 and Beltway 8, and Stream Realty Partners called it the biggest industrial campus trade it knows of in Greater Houston, measured by size and land area.
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Who Bought and Sold
Houston-based Adkisson Group and Los Angeles-based PCCP are the buyers. The seller is Houston-based The Texas Development Co., founded by Jim Petersen in the 1970s. According to Bisnow, the company began building out the park after buying its first parcels in 1995.
Jon Farris of Stream handled the sale and will oversee leasing. Meanwhile, Partners Real Estate’s Travis Land, who died earlier this year, represented the buyers. Farris said the deal took nearly two years to complete.
What the Buyers Get
Tenants fill 98% of the space, according to Stream. They include a mix of local, national and global credit tenants. However, Bisnow did not report the sale price.
Each building has at least one bridge crane, with hook heights ranging from 21 to 29 feet. Building heights range from 31 to 41 feet. In addition, every building has three-phase electricity, gas service and fenced yard space for outdoor storage. The campus also includes a private well and a Union Pacific rail spur.
Zoom Out
High Street Logistics Properties also bought the 1M SF Northwest Spur Industrial Park this year. That deal was among several major Houston transactions highlighted in the report.
Meanwhile, small-format industrial space is attracting capital in the city. We reported this week that WareSpace bought a 51,000 SF Houston building inside the I-610 Loop. The company plans to convert it into small-bay industrial units.
Why It Matters
Crane service, outdoor storage, rail access and heavy power are valuable features for industrial users. They’re also difficult to replicate. Furthermore, a 98%-occupied campus of this size gives the new owners an established rent roll and centralized control.
Industrial activity across Texas also extends beyond Houston. For example, we covered Walmart’s $400M Cibolo plan for a 744,433 SF distribution center. Construction is set to begin in February.
What’s Next
Stream will manage leasing for the new owners. Watch how the joint venture approaches rents and renewals across the 64 buildings.
