(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.