Tight Office Market Brings Buyers to Interwood
Dear Friends,
Launching its planned $1.4 billion portfolio of properties with its first Houston acquisition, New York private equity firm KTR Capital snapped up the Interwood Business Center last week.
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| The Interwood Business Center, a 192,000 sq. ft. warehouse facility located at the intersection of JFK Blvd. and Heathrow Forest Parkway. |
The quality of the Wolff Companies master-planned development, proximity to George Bush Intercontinental Airport and shortage of comparable area properties were the deciding factors. According to published reports, the 192,000 square-foot property developed by Midway Companies fielded 10 offers in the six months it was on the market.
Don Chase, principal with KTR, is enthusiastic about the property and the area’s strong fundamentals. Industry watchers expect the first Houston purchase by the $505-million Keystone Industrial Fund LP won’t be its last.
Rusty Tamlyn and Ralph Tullier with Trammell Crow represented the owner, AEW/Midway Industrial LP, in the transaction.
Also in Interwood… FedEx operates a $12 million regional hub on 32 acres housing air, ground, trucking and transport operations. The U.S. Postal Service located a $60-million, 734,000-square-foot regional mail-handling facility on 90 acres in the development. Averitt Express, Prime Source, NuFlo Technologies, U.S. Foodservices, ExxonMobil Production, First Health, Administaff and Veolia Water have all found a home in Interwood.
Available sites are ideal for office, service center, hotel, conference center, retail, and warehouse/distribution uses, ranging from 2 to 16 acres.
For more information on Interwood or any of Wolff Companies’ properties in the Houston area, please visit us at www.wolffcompanies.com or give us a call.