Black Creek Set To Pay $21.5M For 151K SF Business Park In Southwest Houston
Black Creek Industrial REIT IV Inc. intends to acquire Colony Crossing Business Park in southwest Houston, according to a filing with the Securities and Exchange Commission.
The property is expected to sell in the third quarter for $21.5M, the filing showed. According to Harris County Appraisal District records, the business park is owned by Columbia Texas Gessner Industrial LLC, which acquired the property in April 2013.
Columbia Texas Gessner Industrial lists Lincoln Advisory Group in Chicago as its mailing address. Lincoln Advisory Group is affiliated with Lincoln Property Co., which features the Colony Crossing Business Park on its website.
Colony Crossing is a Class-A, two-building business park located at 10207 and 10215 West Sam Houston Parkway South. Building 1 consists of 62.7K SF and Building 2 consists of 88.5K SF, for a total of 151.2K SF. Both buildings were completed in 2005.
Black Creek Industrial REIT IV announced in June that it would buy a 48-building industrial portfolio from Prologis for $902M. As of June 30, the fund had $3B of assets under management, consisting of 118 buildings and 19.7M SF.
