Nuveen has acquired The Pines Business Park, an industrial campus totaling 281,481 square feet, in Spring, Texas, from AEW Capital Management. According to CommercialEdge data, the property last traded in 2019, when TA Realty sold the asset as part of a portfolio deal.
The CBRE team that brokered the transaction on behalf of the seller included Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber.
According to CommercialEdge data, Nuveen owns 36 industrial properties in the Houston market. This year, the company has invested in the development of life science facilities in West Los Angeles and Holly Springs, N.C.
Logistics campus in suburban Houston
The logistics campus consists of six buildings that were developed in two phases. The Pines Business Park Phase I was completed in 2008 and consists of three buildings totaling 145,200 square feet across 8.4 acres, and 210 parking spaces. The facilities feature between 20 and 24-foot clear heights, loading doors, dock leveler and dock bumpers. Completed in 2013, Phase II also consists of three buildings. The facilities sit on 10.3 acres and include 141,260 square feet, with 20 to 24-foot clear heights, 60 parking spaces, as well as the same loading and access features as Phase I. MK Battery, QuestMark, WAVE Electronics, Taylor Healthcare Product and Standard Supply are among the property’s tenants. The campus was 100 percent occupied at the time of the sale.
Located at 600 and 616 Spring Hill Drive, The Pines Business Park is about 5 miles from The Woodlands, a key industrial hub in Houston, while providing easy access to Interstate 45. Nathan Wynne, senior vice president with CBRE, commented in prepared remarks that the property benefits from a lack of competitive industrial product in the immediate area.
As of July, Houston’s supply pipeline had 18.5 million square feet under construction, with 695.7 million square feet of industrial space under construction nationwide.
