Lovett Industrial and PCCP, LLC Acquire Two Industrial Business Parks in Houston, Texas

(HOUSTON) – Lovett Industrial, the Houston-based real estate investment firm and PCCP, LLC, a national commercial real estate investment firm have acquired the Claymoore Portfolio, consisting of 1,390,900 square feet across 10 class A industrial buildings in Houston’s dynamic Northwest submarket.

The Claymoore Portfolio, comprised of Claymoore Business Park and West by Northwest Business Park, features highly functional warehouses that provide a diverse range of site plans and suite sizes ranging from 12,000-275,000 square feet. Located on Clay Road and Beltway 8, Claymoore Business Park features eight cross-dock and front-load buildings totaling 1,019,000 square feet, 18’-24’ clear heights, and 960 parking spaces. Situated on West by Northwest Boulevard and Highway 290, West by Northwest Business Park features one cross-dock and one front-load building totaling 378,900 square feet, 24’ clear heights, and 746 parking spaces. The portfolio is 100% occupied by 21 tenants who have a weighted average tenure of over 11 years.

Ashley Bird, Asset Manager at Lovett Industrial commented, “Lovett Industrial is excited for the opportunity to acquire two business parks in the heart of Houston’s Northwest market. 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. We look forward to our partnership with PCCP and continuing to build our portfolio with additional projects in Houston and beyond.”

The business parks’ core, infill locations allow for immediate access to Beltway 8 and Highway 290 and close proximity to Interstate 10, providing occupants the unique ability to efficiently service some of Houston’s most densely populated and affluent areas. The portfolio represents a unique opportunity for scale in the heart of the largest and most established industrial submarket in Houston.

“PCCP is excited to partner with Lovett Industrial, an experienced local developer and owner, on this acquisition,” said Brad Hartstein, Originations with PCCP. “Given the portfolio’s location near major highways, accessibility to a significant portion of the Houston labor poll, and wide range of suite sizes, we believe this high-quality product will appeal to many tenants and experience strong tenant demand.”

Marketing and leasing efforts for the portfolio be exclusively handled by Brian Gammill, Jude Filippone, and Darryl Noon of Transwestern. Trent Agnew of JLL served as broker on the transaction. Acquisition financing is provided by Voya Financial and was arranged by Michael Johnson and Wally Reid of JLL.

The Claymoore Portfolio is Lovett Industrial’s second stabilized property acquisition and will be managed by Lovett Industrial Management. In 2022, Lovett Industrial acquired Middlebrook Crossroads, an 18-building industrial business park, in Bridgewater, New Jersey. Additionally in the Houston area, Lovett Industrial has 3.2 million square feet under construction and 3.3 million square feet of completed developments between seven projects.

About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 8 markets across the United States, Lovett Industrial’s portfolio consists of approximately 14.7 million square feet of completed, acquired, and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.

About PCCP, LLC:
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $22.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 25-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $38.1 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.

Press Contact:
Paige Chiang
paigec@lovettindustrial.com

Lovett Industrial Closes on 328 Acres in James City County, Virginia for Industrial Development

(JAMES CITY COUNTY) – Lovett Industrial, the Houston-based real estate investment firm, closed on 328 acres of land in James City County, Virginia in late April 2023 with plans to develop Enterprise Logistics Park, an approximate 2.2 million square foot business park uniquely positioned to capture growing demand from the Port of Virginia.

The business park will be constructed to industry leading specifications and will be designed to accommodate a variety of building sizes ranging from approximately 100,000-1,000,000 square feet. The groundbreaking of the initial phase is anticipated for the first quarter of 2024, with design currently underway. Upon completion, Enterprise Logistics Park will be the largest speculative industrial development ever completed on the I-64 corridor between Norfolk and Richmond.

Located in the primary transit corridor between the Port of Virginia and I-95, Enterprise Logistics Park also features immediate access to I-64, where a substantial lane expansion project is currently underway. Planned infrastructure improvements will include a major collector road, which will enable efficient ingress and egress from the property, along with major utility infrastructure capable of accommodating a variety of uses including manufacturing uses. Additionally, the park will feature recreational amenities for employees working within the park along with retail and convenience amenities that will benefit the trade area.

Ben Swift, Senior Associate at Lovett Industrial commented, “The Hampton Roads industrial market has some of the strongest fundamentals in the country. With the economic engine of the Port of Virginia investing heavily in their operations and capacity coupled with the billions of dollars of infrastructure improvements expanding I-64, we believe this region is positioned well for future growth and a strong demand for industrial space. We are excited to partner with James City County and the Port of Virginia on this project.”

Marketing and leasing efforts for Enterprise Logistics Park will be exclusively handled by Geoff Poston and Ellis Colthorpe at Cushman & Wakefield | Thalhimer.

Enterprise Logistics Park is the third land acquisition in the Mid-Atlantic for Lovett Industrial. Lovett Industrial currently owns 377 acres across the Northeastern United States capable of accommodating approximately 2.6 million square feet of industrial space. In addition, Lovett Industrial recently acquired and currently operates Middlebrook Crossroads, an 18-building portfolio of warehouses located in Bridgewater, New Jersey. Lovett Industrial currently is active in 7 additional markets across the U.S. and approximately 7 million square feet of projects currently under construction companywide.

About Lovett Industrial:
Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in 7 markets across the United States, Lovett Industrial’s portfolio consists of approximately 14.3 million square feet of completed, acquired, and under construction warehouses and in excess of 9 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at https://lovettindustrial.com/.

Press Contact:
Paige Chiang
paigec@lovettindustrial.com

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Title Price Status Type Area Purpose Bedrooms Bathrooms
BENNETT SEE

Associate – Dallas Market
Mr. See joined Lovett Industrial in March of 2022. As an Associate, Mr. See is responsible for evaluating acquisition and development opportunities and supporting due diligence, capitalizing, leasing, and project disposition efforts for the Dallas region. Prior to joining Lovett Industrial, Mr. See worked at Quadrant Investment Properties, a premier Dallas-based boutique investor and developer, as an Analyst where he assisted in the acquisition of value-add office opportunities and the development of Class A office opportunities. Mr. See earned a BS from Texas Christian University in Fort Worth, Texas.

ERIK JOHNSON

Mr. Johnson serves as Vice President – Development – West Region at Lovett Industrial where he leads pre-construction, due-diligence, and entitlement activities, including land use planning, agency approvals, design, and construction activities. Mr. Johnson joined Lovett Industrial in February 2022 to expand and reinforce their US Western Regional platform. Prior to that, Mr. Johnson was a Senior Project Manager at PCL Construction and Single Point of Contact for Authorities Having Jurisdiction at the $1.1 billion Consolidated Rent-A-Car (ConRAC) facility at LAX – at 6.3 million square feet, the facility is estimated to be the largest cast-in-place concrete project of its kind, only slightly smaller than the building area of the U.S. Pentagon. His prior experience was in general construction where he delivered various public projects including the ITS terminal at Pier G in the Port of Long Beach and numerous private projects over a span of 15 years. Mr. Johnson has a Bachelor of Science in Construction Engineering Management from the Civil Engineering School at California State University, Long Beach.

JORDAN KREFT

Mr. Kreft serves as Analyst – National Industrial for Lovett Industrial, joining in February 2022. He assists with Lovett Industrial’s capital markets activity including debt and equity capital campaigns and relationships. He also supports the development teams’ company-wide in the analysis, valuation, underwriting, and execution of industrial development projects and acquisitions. Prior to Lovett Industrial, Mr. Kreft enjoyed a decade of mergers and acquisition investment banking with over $6 billion in successful transactions of domestic and international energy and technology deals. He worked on complex transactions from $50 million-$3 billion in size. He also brings extensive capital market expertise in debt and equity underwritings and public offerings. Mr. Kreft earned a BBA in Finance and BA in History from University of Texas at Austin.

Tyler Banton
Mr. Banton serves as the Market Leader for the Southern California region at Lovett Industrial. Mr. Banton is responsible for all aspects of Lovett’s projects in the region including sourcing and evaluating new development and acquisition opportunities, entitlements, capitalization, leasing, and eventually project disposition efforts. He currently leads the execution of $325,000,000 of industrial projects in the Inland Empire region. Since joining Lovett in 2022, Mr. Banton and his team have accumulated over 1.1 million square feet of industrial real estate that is in various stages of entitlement and development. Prior to joining Lovett Industrial, Mr. Banton worked at Panattoni Development Company. Mr. Banton graduated from San Diego State University where he completed his B.S. in Finance and was a recipient of the Pension Real Estate Association Scholar award. Mr. Banton resides in Newport Beach, California, and is a member of NAIOP SoCal and NAIOP Inland Empire
AN DANG

Mr. Dang serves as Controller at Lovett Industrial, joining in April of 2021. Mr. Dang oversees Lovett Industrial’s accounting and administrative functions, including insurance, IT, HR, and property transactions on a company wide basis. Prior to Lovett Industrial, Mr. Dang was a Controller in North Latin America area at Aggreko, where he focused on ensuring compliance of the company’s internal control policy and overseeing the actual and forecast reporting for the full cycle monthly, quarterly and annual management and statutory financial. Before Aggreko, Mr. Dang was an accounting manager at Means Knaus Partners, where he managed the property management accounting for a portfolio of commercial office properties totaling over 2.5 million square feet for a publicly traded REIT and private investors. Mr. Dang earned a Bachelor of Business Administration in accounting and human resource management and an MBA from Sam Houston State University.

SARA BLOOM

Senior V.P. Operations
Ms. Bloom serves as Senior Vice President – Operations at Lovett Industrial, joining in February of 2021. Ms. Bloom oversees Lovett Industrial’s legal department, along with its property and asset management, compliance, and accounting divisions on a company wide basis. Prior to Lovett Industrial, Ms. Bloom was a senior attorney in the Mergers, Acquisitions and Capital Markets practice group at Vinson & Elkins LLP, where she focused on private equity transactions, and also counseled public and private business entities with respect to corporate governance, compliance and tax-related matters. Ms. Bloom earned a Bachelor of Science in Business Administration (Accounting) from the University of Nebraska-Lincoln, and earned her law degree, cum laude, from California Western School of Law-San Diego and an L.L.M. from the University of San Diego School of Law. Ms. Bloom is licensed by the State Bar of Texas, Louisiana and California.

Nathan Benjaminov
Mr. Benjaminov serves as Market Leader, Central and South Texas, at Lovett Industrial, joining in June of 2021. At Lovett Industrial, Mr. Benjaminov is charged with evaluating acquisition and development opportunities and supporting financing, leasing, and disposition efforts in Austin, San Antonio, and Texas border towns. He is currently overseeing a pipeline of more than 2,000,000 sf of industrial development in both San Antonio and Austin. Prior to joining Lovett, Mr. Benjaminov received his BA in Economics from the University of Texas at Austin. During his time as an undergraduate student, he held internships in acquisition roles with Lionstone Investments, Urban Genesis, a private family office, and an investment sales internship with Cushman & Wakefield.
PAIGE CHIANG

Ms. Chiang serves as Marketing Associate at Lovett Industrial, joining in October of 2021. Ms. Chiang focuses on Lovett Industrial’s public outreach touchpoints such as its social media, website, media relations, ESG initiatives, and company events. Prior to Lovett Industrial, she worked as a Corporate Banking Analyst at RBC Capital Markets in New York City for approximately 3 years specializing in Real Estate, Municipals, and Power and Utilities. Ms. Chiang earned a B.S. in Finance from Marquette University.

KIRBY SHAW

Senior Counsel
Ms. Shaw serves as Senior Counsel of Lovett Industrial, joining in September 2021. At Lovett Industrial, she is charged with providing legal guidance on nationwide real estate transactions including property acquisition, financing, due diligence, and leasing. She also supports the company in general corporate legal matters. Prior to joining Lovett Industrial, Ms. Shaw worked at Locke Lord, LLP in the Real Estate and Real Estate Finance groups with experience representing clients in a variety of real estate matters including acquisitions, development, and lending. Ms. Shaw received a BA in strategic communications from Elon University and a JD from the University of Texas School of Law. Ms. Shaw is licensed by the State Bar of Texas.

MATTHEW GIANNUZZI

Mr. Giannuzzi serves as a Senior Associate at Lovett Industrial, joining in August 2021. At Lovett Industrial, Mr. Giannuzzi is charged with evaluating new acquisition and development opportunities and supporting due diligence, entitlements, financing, leasing, and disposition efforts across the Eastern region. Prior to joining Lovett Industrial, Mr. Giannuzzi spent 5 years in Deloitte Consulting’s Real Estate & Location Strategy practice. In this role, Mr. Giannuzzi helped corporate clients think strategically about their global office portfolios, including site selection, cost optimization, workplace transformation, and campus strategy projects. Mr. Giannuzzi earned a BA from Duke University, where he owned and operating a shipping and storage company for students, and an MBA from Columbia University.

Colby Everett
Mr. Everett serves as a Director at Lovett Industrial, market leader for the Dallas-Fort Worth and Phoenix markets, joining in November of 2021. Mr. Everett currently leads the ongoing development of over four million square feet of industrial projects. Mr. Everett’s work includes evaluating new acquisition and development opportunities, managing due diligence efforts, securing financing, leasing, and dispositions. Prior to Lovett Industrial, Mr. Everett worked on the Acquisitions Underwriting team at Invesco Real Estate and, during his time at the company’s headquarters in Dallas, contributed to the purchase and development of over $1,000,000,000 in industrial, office, and multifamily product, across multiple regions. Before Invesco, Mr. Everett worked on an office leasing team at CBRE Phoenix whose production ranked in the top 1% of the company nationally, completing over 100 transactions per year. Mr. Everett earned a BS from Northwestern University in Evanston, IL.
AL HEDIN

Mr. Hedin serves as Vice President – Development – East Region at Lovett Industrial where he leads pre-construction, due-diligence and entitlement activities including land use planning, agency approvals, design, and construction activities. Mr. Hedin joined Lovett Industrial in June 2021 to expand and reinforce Lovett Industrial’s US East Regional platform and currently supports approximately 2 million square feet of projects in the pipeline for Lovett Industrial. Prior to that Mr. Hedin was a Vice President at Brookfield Properties, in the Mid-Atlantic region responsible for construction activities at the mixed-use transit oriented $1.2 billion Halley Rise project in Reston, VA. Prior to his tenure at Brookfield, Mr. Hedin spent 11 years at Hines working across a spectrum of projects such as CityCenter DC a $1.1 billion mixed use project in Washington DC and CIBC Square a 50-story 1.7 million square foot office tower in Toronto, Canada. Mr. Hedin has a Bachelor of Science in Construction Management from University of Wisconsin and a Master of Management from Pennsylvania State University.

RICHARD SACRA

Mr. Sacra serves as a Construction Manager at Lovett Industrial, where he oversees day-to-day construction activities on projects that are under construction and in predevelopment. Daily tasks include items such as managing budgets and pre construction requirements, project management, and site infrastructure/procurement needs. While at Lovett, Mr. Sacra has managed the completion of approximately 2 million square feet of industrial space and is actively managing additional developments both in Texas and in Phoenix. Prior to Lovett, Mr. Sacra worked as a project manager in the retail construction industry for over 10 years, where he built and managed over 75 projects throughout the country, ranging from build to suit, design build, ground up, tenant improvements, and sitework/site infrastructure projects. Along with project management, Mr. Sacra was also involved with preconstruction activities such as budgeting and estimating. Mr. Sacra earned a BS in Construction Engineering Technology and a Minor in Business from Texas Tech University.

Madison Jones
Mr. Jones serves as Southeast U.S. Market Leader for Lovett, joining in September 2020. At Lovett, he has supported development teams company-wide in the evaluation, underwriting, capitalization, and execution of development projects. He is currently focused on generating new development and acquisition opportunities in the Southeast US from the Atlanta, GA office. Mr. Jones’ industrial development experience encompasses the successful completion of more than 11,000,000 square feet, ongoing development, and entitlement of approximately 10 million square feet in seven markets across the country – representing over $2,000,000,000 in total deal volume. Prior to Lovett, Mr. Jones spent three years working with Johnson Development Associates within their industrial division and managed to complete more than 1,000,000 square feet of industrial space and assisted with site evaluation and entitlements on sites across the southeast U.S. Mr. Jones earned a BA from Wofford College.
CARMEN PEARSON, P.E.

Ms. Pearson serves as Vice President – Development – Texas at Lovett Industrial and is responsible for the successful entitlement and development of multiple large-scale build to suit projects. Ms. Peason has completed the detailed management of 1.7 million square feet for Lovett Industrial and currently has another 5.3 million square feet in development and/or under construction. Prior to joining the Industrial team, Ms. Pearson worked directly for Mr. Liu as Vice President of Lovett Homes/5177 Builders, InTown Homes, and Fenway Development where she was responsible for directing and managing all facets and activities related to development of brownfield and redevelopment projects serving residential and commercial projects. Prior to Lovett, Ms. Pearson served as Manager of Engineering with Jacobs Engineering North American Infrastructure and as Senior Project Manager with Carter & Burgess. Ms. Pearson earned a B.Sc. in Engineering from the University of Alberta and is a Licensed Professional Engineer in the State of Texas.

JAMES MELODY

Mr. Melody serves as a Director at Lovett Industrial and market leader for Houston, Austin, and San Antonio, joining in April of 2020. Mr. Melody is currently supporting the ongoing development of over 2 million square feet of industrial projects and the planning of an additional 8 million square feet of space. Mr. Melody’s work includes evaluating new acquisition and development opportunities, managing due diligence efforts, securing financing, leasing, and more. Prior to Lovett Industrial, Mr. Melody worked at Clarion Partners, and during his time with the firm’s New York City-based acquisitions team, contributed to the purchase of over $1 billion in office, multifamily, and industrial property. In addition to his role in acquisitions, Mr. Melody provided analytical support to the firm’s debt fund. Before Clarion Partners, Mr. Melody worked on the origination and underwriting of commercial loans at Morgan Stanley Mortgage Capital in the New York City real estate lending group. Mr. Melody earned a BBA in Finance from the University of Texas at Austin and an MS in Real Estate Development from Columbia University in New York.

Cody Fox
Mr. Fox serves as Senior Vice President – Construction – National Industrial at Lovett Industrial, where he is charged with overseeing all design and construction work that the company undertakes across the US. Mr. Fox has successfully completed more than 11,000,000 square feet of projects over the past three years, comprising more than $1,000,000,000 of managed costs Mr. Fox is responsible for working with Lovett’s construction team to ensure consistency in approach across all projects, including preliminary budgeting and ongoing day-to-day management of the company’s active construction projects. Prior to Lovett Industrial, Mr. Fox was a Vice President at US Builders, a national contracting company specializing in retail, industrial, and office projects across the country. Mr. Fox has extensive experience in high specification build-to-suit projects for industrial tenants and national retailers, and he has unique familiarity with construction markets across the country. He has been involved in more than $1.5 billion of construction projects in markets across the U.S. over the course of his career. Mr. Fox earned a BA in Construction Management from the University of Houston where he graduated magna cum laude.
TED HART

Mr. Hart joined Lovett Industrial in August 2021, to establish Lovett Industrial’s US Western Region platform. In addition to growing the Western Region’s footprint, Mr. Hart is also responsible for the execution of 4 million square feet of current pipeline totaling more than $800 million of projects across multiple markets. Prior to Lovett Industrial, Mr. Hart spent 7 years at Hines in the Los Angeles office where he was responsible for the acquisition, development and asset management of commercial real estate projects totaling over 3 million square feet and $5 billion of value. Prior to his career in real estate, Mr. Hart served in the United States Marine Corps for eleven years flying helicopters and completed numerous combat deployments around the world. Mr. Hart is active in supporting military veterans and lives with his wife and their four children in El Segundo, CA. Mr. Hart earned a BS in Economics from the United States Naval Academy and an MBA from The Wharton School, University of Pennsylvania.

MICHAEL ALLEN

Mr. Allen joined Lovett Industrial in August 2020 to establish Lovett Industrial’s East Region platform.  During his time at Lovett, Mr. Allen has successfully northeast US, including some of the highest barrier to entry industrial markets in the country.  Prior to Lovett Industrial, Mr. Allen held Hines, the global, real estate investment management and development firm, based in Houston, TX. During his 25-year career at Hines, Mr. Allen oversaw the development, acquisition, and operations of in excess of 8 million square feet of institutional, investment grade commercial, residential and mixed-use assets valued in excess of $5.6 billion. Mr. Allen has extensive experience in sourcing, entitlement, capitalization and execution of large scale commercial real estate developments across the eastern United States markets. He studied economics at Brown University in Providence, RI, earned a BA and MA at RISD where he later served on the Board of Trustees and oversaw the Brown-RISD joint degree program.