KBS Sells Houston Light Industrial Facility
KBS has sold Clay Crossing Business Center, a 222,750-square-foot light industrial facility in Houston. HPI Holdings II LLC purchased the four-building asset.
JLL brokered the transaction, with Senior Managing Director Trent Agnew, Senior Director Charles Strauss, Director Lance Young and Analyst Brooke Petzold working on behalf of the seller.
KBS purchased Clay Crossing Business Center from Invesco Real Estate back in 2006 for $23.9 million, according the CommercialEdge data.
Clay Crossing Business Center comprises 16-foot to 20-foot accessible industrial buildings and office suites with a diverse range of suite configurations. Its four rear-load buildings have suite sizes ranging from 3,105 square feet to 44,883 square feet. Built between 2000 and 2002, the one-story buildings include sky lights, insulated ceilings, fire sprinklers, climate control, approximately 620 parking spaces and 7,500 square feet of retail space.
Located at 4321 W. Sam Houston Parkway North, the property is within the Northwest submarket. Clay Crossing Business Center is near Interstate 10 and Route 290, which allow easy access across the Houston metropolitan area.
Houston leasing stays strong
Throughout 2023, Houston’s industrial market remained resilient, with demand accelerating in the fourth quarter, according to a recent JLL report. Leasing activity amounted to 10.2 million square feet, marking the highest quarterly total of last year.
Deliveries reached an all-time high of 35.6 million square feet in 2023, while leasing activity and net absorption both hit their third-highest annual totals on record, the same report shows.
The post KBS Sells Houston Light Industrial Facility appeared first on Commercial Property Executive.
