Black Creek Group LLC Acquires Stafford Grove Industrial Park In Stafford For 351,960 SF

An investment platform sponsored by the Black Creek Group LLC has acquired Stafford Grove Industrial Park, a trio of Class A industrial warehouse buildings in the Southwest Houston suburb of Stafford, Texas. The three buildings, totaling 351,960 square feet, are 84.5% leased to seven tenants, with an additional 54,550 square feet of vacancy remaining in two spaces. The industrial park is situated at 10633, 10643 and 10653 W. Airport Blvd., at the intersection of Murphy Road in the epicenter of Houston’s Southwest submarket. Features include 24- to 30-foot clear heights, 120 dock-high doors, 130-foot truck courts, three drive-up ramps, and 38 trailer parking spaces between each building.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: Not Disclosed
• Seller's Rep: Rusty Tamlyn (JLL)
• Buyer: Black Creek Group LLC
• SF: 351,960
• Market: Stafford

HFF represented the sellers, a joint venture between Crow Holdings Industrial and its investment partner, in the transaction. Trent Agnew, HFF’s managing director, highlighted the appeal of the property as new Class A product in an infill location within the submarket. The site plan and buildings offer a lot of flexibility with regard to tenant size and trailer parking, leading to a strong lease-up to 85% occupancy within 12 months. Several prospects are in line for the remaining two vacancies at Stafford Grove Industrial Park.