Park 845 Crossing Sells to Equus Affiliate

Park 845 Crossing, a five-building industrial park totaling 757,325 square feet in North Houston, recently sold to an affiliate of Equus Capital Partners Ltd. for an undisclosed purchase price. Park 845 Crossing is 61.5 percent leased to 11 tenants, providing value-add upside via lease-up of the remaining vacancy.

The class-A properties were built from 2008 to 2014 and offer 18- to 30-foot clear heights, 186 dock doors, two buildings with cross-dock configurations and three buildings with rear-load configurations. Park 845 Crossing is located at the intersection of Interstate 45 and Beltway 8 at 1710 North Freeway and 51, 71, 101 and 121 Esplanade Blvd. This location affords the property regional connectivity to the entire Houston area, just eight miles from George Bush Intercontinental Airport and 15 miles north of downtown Houston.

JLL represented the seller, a joint venture partnership between IDI Logistics and Heitman, and procured the buyer. Additionally, JLL worked on behalf of the borrower to secure the three-year floating-rate $55 million acquisition loan.

The JLL team representing the seller was led by Rusty Tamlyn, Trent Agnew, Charlie Strauss, Katherine Miller and Jack Moody. JLL’s debt placement team was led by John Ream, Michael Johnson and Stuart Hepler.