CBRE National Partners Arrange Sale of Six-Property Industrial Portfolio in Spring, Texas on Behalf of AEW

CBRE announced the sale of The Pines Business Park I & II, a six-building logistics portfolio totaling 281,481 sq. ft. The property is located at 600-608 and 612-620 Spring Hill Drive, respectively, in Spring, Texas. Nuveen purchased the portfolio from AEW for an undisclosed price.

Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Strategically located in the growing city of Spring, the property has direct access to I-45 and is less than five miles from The Woodlands, a key industrial hub in Houston. The property was 100% occupied at the time of sale with an average remaining lease term of 3.66 years.

“The Pines Business Park provides upside in fast-growing market rents with a multi-tenant design and an average suite size of 13,392 square feet,” said Mr. Wynne, Senior Vice President with CBRE. “Additionally, there is a high consumption base surrounding the park with a lack of competitive product in this area. The limited supply of industrial developments in the immediate area and the rental rate growth potential provides cash-flow stability with a real opportunity for a mark-to-market in the near term.”

According to CBRE’s Q2 2022 Houston MarketView, the Houston industrial market had its second largest quarter in over 20 years with 7.8 million sq. ft. of positive net absorption in Q2. In the North Houston submarket alone, there were nearly 2.3 million sq. ft. of net absorption alone, bring the vacancy rate to 5%.

About AEW
For over 40 years, AEW Capital Management, L.P. (AEW) has provided real estate investment management services to investors worldwide.  One of the world’s leading real estate investment advisors, AEW and its affiliates manage $91.6 billion of property and securities in North America, Europe, and Asia (as of June 30, 2022). Grounded in research and experienced in the complexities of the real estate and capital markets, AEW actively manages portfolios in both the public and private property markets and across the risk/return spectrum. AEW and its affiliates have offices in Boston, Los Angeles, London, Paris, Düsseldorf, Hong Kong, Seoul, Singapore, Sydney, and Tokyo, as well as additional offices in seven European cities. For more information, please visit www.aew.com.

Gross asset value as of June 30, 2022. Total AEW AUM of $91.6 billion includes $39.1 billion in assets managed by AEW Europe SA and its affiliates and $208 million in advisory/subadvisory, wrap and other accounts for which AEW Capital Management provides only a model portfolio.