PCCP and Adkisson buy 2.7M sq ft Houston industrial campus

PCCP and Adkisson bought Northwoods Industrial Park, a 64-building, 2.7-million-square-foot industrial campus on about 230 acres in northwest Houston. The buildings average roughly 42,000 square feet, the footprint of a multi-tenant park rather than a single big-box warehouse.

Connect CRE reported the trade as the largest known industrial campus sale in greater Houston by square footage and acreage. Stream Realty Partners brokered the sale at 11919 FM 529 for seller Texas Development Company. Stream's Jon Farris, who represented the seller, has been selected to lead leasing at the property. The price was not disclosed.

For family offices with capital in PCCP funds, the key due-diligence document is the lease-expiration schedule, because the return depends on renewals across 64 buildings. That exposure differs from the manager's recent secured lending, where the return is fixed at origination.

The campus is 98% occupied by a mix of local, national and international credit tenants, according to Connect CRE, leaving little space to lease immediately. Farris said the property is 'truly a one-of-a-kind asset that would be nearly impossible to duplicate.' 'The property offers heavy cranes, massive power and expansive yard space at a time when tenant demand for crane-served facilities in Houston is high,' he said. The late Travis Land of Partners Real Estate represented the buyer.

PCCP's recent activity has run through the debt stack: a $154 million refinancing for Rechler Equity's Long Island apartment portfolio and a $68.3 million refinancing for a Mesa logistics park, as Private Wealth Daily previously reported. The acquisition is an equity investment in a crane-served campus instead of a loan against one, and at 2.7 million square feet it is more than four times the 614,800 square feet of that Mesa park.

Stream's leasing mandate will test the occupancy figure. The campus has 2% of its space open and a renewal calendar behind the remaining 98%, and the team that marketed the sale now handles leasing.