California Company Furthers Texas Push With Houston Flex Park Acquisition
Newport Beach, California-based Buchanan Street Partners has acquired a 251K SF, Class-A flex/light industrial park in west Houston.
Park Place 8, at 5353-5373 West Sam Houston Parkway, is made up of four buildings on almost 22 acres and is 62.5% leased.
“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,” Matt Haugen, senior vice president of Buchanan Street Partners, said in a release. “Park Place 8 is located in one of the most desired submarkets in Houston, which is benefitting from continued population growth."
Buchanan Street plans to upgrade vacant spaces to make the property more visible. JLL's Trent Agnew, Charlie Strauss and Lance Young represented the seller.
“Most of the existing vacancies at Park Place 8 have a high percentage of office finishes," Buchanan Street Senior Vice President Mark Oddo said. "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 acquires mostly California properties, with new buys announced in recent months in Chino Hills, Azusa, Chula Vista and San Diego. In addition to its Houston industrial holdings, the company purchased a 294-unit multifamily complex in Dallas late last year, bringing the total number of Texas units it acquired in 2021 to 900, according to the Orange County Business Journal.
