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1M-SF Industrial Park Sells for $7M

HOUSTON-A local investment group, Ivest Inc., expands its footprint in the northwest submarket by acquiring the 12.1-acre Clay Hempstead Business Park from Minneapolis-based Thrivent Financial. The late 1970s-era park is 82% leased.

By Jennifer D. Duell | Updated on November 01, 2004

HOUSTON-Ivest Inc., a local owner of industrial properties, has purchased the one-million-sf Clay Hempstead Business Park for $7.1 million from Minneapolis-based Thrivent Financial.

“Ivest’s asset are very concentrated in the northwest,” says Jeff Barbles, an investment broker with Marcus & Millichap’s Houston office, “and they were looking to buy larger assets in the same area.” He and Marcus & Millichap’s Rob Chandler represented Ivest in the purchase of the class B holding, a three-building complex on 12.1 acres at 8700 to 8758 Clay Rd. Seller Thrivent Financial, the institutional fund for the Lutheran Church, had Brian Gammill of Transwestern Commercial Services Inc. negotiating its terms.

Barbles tells GlobeSt.com that Ivest’s current properties are suited for smaller tenants, which means the company has not been able to accommodate tenants as they grow. “A lot of their tenant base had outgrown their existing buildings,” he says. “They wanted to upgrade and diversify to larger spaces.”

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