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Last Mile Location Attracts Investors

HOUSTON—The Whole Foods 365 concept store that will be developed just south of Pine Forest Business Center provides further evidence of the rapid redevelopment occurring in this prime location.

By Lisa Brown | lisabrown | | Updated on June 02, 2016
Pine Forest Pine Forest Business Center is a master-planned, deed-restricted business park comprised of 32 buildings.
HOUSTON— Pine Forest Business Center is part of Pine Forest Business Park , which was redeveloped from the former Pine Forest Country Club . It is a master-planned, deed-restricted business park comprised of 32 buildings. Located at 3404-3414, 3420-3432, 3434-3448, 3454-3468, 3474 and 3502-3556 Yale St. in Houston’s Heights neighborhood, the business center is part of the Northwest Industrial submarket, the largest submarket in Houston. The 259,705-square-foot property consists of six fully leased light industrial buildings. It is home to a variety of tenants in the construction, distribution, manufacturing, healthcare and wholesale industries, including DXP Enterprises, Superior Plus, CTC Contractors, Power Supply Components, Highland Distributing, Recovercare and CCLD Technologies . Cabot Properties recently sold the business center to Stonelake Capital Partners LLC for an undisclosed price. Holliday Fenoglio Fowler LP ‘s (HFF) investment sales team was led by senior managing director Rusty Tamlyn and director Trent Agnew . HFF marketed the property on behalf of the seller. Tamlyn tells GlobeSt.com: “This asset generated a large amount of investor interest given its urban infill ‘last mile’ location, which many investors are adopting as an investment theme around the country. The covered land play aspect and potential to sell or redevelop the property for a higher use down the road was very appealing.” The announced Whole Foods 365 concept store that will be developed just south of the center provides further evidence of the rapid redevelopment occurring in this prime location. ”The property’s infill location just north of the 610 Loop near the Heights attracted a number of prospective buyers during the marketing process,” Agnew said. “The property has had a track record of stable occupancy and increasing rents while also offering an opportunity for redevelopment in the future as a result of the development activity ongoing in the immediate vicinity.”  

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