Houston-based Lovett Industrial and Los Angeles-based PCCP LCC have acquired The Claymoore Portfolio, a collection of 10 buildings totaling roughly 1.4 million square feet in northwest Houston. The buildings consist of two developments, Claymoore Business Park and Northwest Business Park, ranging from 12,000 to 275,000 square feet with the former featuring 1 million square feet of space. At the time of sale the portfolio was 100 percent leased to 21 tenants.
Lovett’s Ashley Bird commented that they believe these assets are high quality located in areas with high barriers to entry which will lead to strong rent growth over their hold period. Trent Agnew from JLL brokered the deal while Michael Johnson and Wally Reid arranged acquisition financing through Voya Financial on behalf of Lovett Industrial and PCCP LCC; however no details were disclosed regarding who sold it or for how much it went for respectively.
