BUCHANAN STREET PARTNERS ACQUIRES FOUR-BUILDING FLEX/LIGHT INDUSTRIAL PROJECT IN HOUSTON
Houston, TX (April 18, 2022) – Buchanan Street Partners, a Newport Beach, CA-based real estate investment management firm, has announced the off-market acquisition of Park Place 8, a class A, 250,894-square-foot flex/light industrial park in Houston, TX. Situated on close to 22 acres, the park is comprised of four-buildings. The property, currently 62.5 percent leased, is located at 5353-5373 W. Sam Houston Parkway.
Buchanan Street was attracted to Park Place 8’s strong location, modern construction, excellent visibility along Beltway 8 and superior ingress/egress. “This is our third flex/light industrial acquisition in Houston within the last two years. These three investments combined total 720,000 square feet of space,” said Matt Haugen, senior vice president, Buchanan Street Partners. “Park Place 8 is located in one of the most desired submarkets in Houston which is benefitting from continued population growth,” he added.
Mark Oddo, senior vice president, Buchanan Street Partners noted, “Most of the existing vacancies at Park Place 8 have a high percentage of office finishes. We plan to immediately pullback the office finish on those vacancies in order to meet demand from prospective users who are looking for high-quality light industrial space.”
Buchanan Street’s immediate plans for the project include upgrading the vacancies and enhancing the visibility of the project from Beltway 8.
Trent Agnew, Charlie Strauss and Lance Young with JLL represented the seller in the transaction.
ABOUT BUCHANAN STREET PARTNERS
Buchanan Street Partners is a real estate investment firm based in Newport Beach, California that focuses on investments in commercial, multifamily, and self-storage properties as well as providing loans as a direct lender. Having invested in over $7 billion of real estate assets in its 22-year history, Buchanan Street has an established track record in the commercial real estate industry. The company is comprised of a highly skilled team that has invested through multiple real estate cycles enabling them to identify opportunities and maximize value while prioritizing capital preservation. www.buchananstreet.com