Lovett and PCCP Combine on 1.4M SF Industrial Building Buy
Houston’s Lovett Industrial and Los Angeles-based PCCP LCC have acquired The Claymoore Portfolio, a collection of 10 buildings totaling roughly 1.4 million square feet in northwest Houston. The buildings consist of two developments, Claymoore Business Park and Northwest Business Park, and range in size from 12,000 to 275,000 square feet. Claymoore Business Park features 1 million square feet of space. Northwest Business Park totals 378,900 square feet. The portfolio was 100 percent leased at the time of sale to a roster of 21 tenants.
Lovett’s Ashley Bird added, “We believe these are high quality assets in high barrier to entry locations, which we feel confident will lead to outsized rent growth over our hold period.”
Trent Agnew of JLL brokered the deal, the seller of which was not disclosed. Michael Johnson and Wally Reid, also with JLL, arranged acquisition financing through Voya Financial.
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