Hillwood acquired Mason Creek Business Center, a 340,000-square-foot, Class-A industrial park in Houston's Northwest industrial submarket.
“This investment offers an outstanding opportunity to significantly increase value by leasing up the 70,000 square feet of vacancy,” said Tom Fishman, executive vice president, acquisitions and dispositions. “This acquisition is consistent with our strategy to acquire and develop high-quality, functional industrial real estate in major U.S. markets.”
The Mason Creek Business Center acquisition is made up of four Class A industrial warehouse buildings on 23.6 acres. Developed in 2003, the buildings offer a balanced blend of high-quality office and warehouse space, with clear heights ranging from 24 to 28 feet, truck court depths ranging from 132 to 190 feet, ESFR fire protection and ample parking.
“With suite sizes that range from 15,000 to 75,000 square feet, Mason Creek allows for maximum lease flexibility for a variety of tenant uses,” said Toby Rogers, senior vice president and Texas market leader. “We see tremendous growth in Houston, and this acquisition was a great opportunity for us to expand our local presence.”
Hillwood has retained Darryl Noon and Jude Filippone with Transwestern to lease the property, and work is underway to construct “make ready” offices in the vacancies.
Hillwood, a Perot company, acquires and developers industrial properties across North America and Europe. Hillwood pursues well-located, functional industrial buildings and land across a broad spectrum of investment sizes.