CenterSquare has acquired Houston Woodlands, a four-building, 244,946-square-foot portfolio located in the Woodlands and Spring submarkets of Houston. The portfolio is 88 percent occupied, consisting of 55 suites averaging 4,454 square feet per suite, with oversized grade-level doors and 17-foot to 18-foot clear heights.
In addition to acquiring the property below replacement cost, the business plan consists of a capital improvement plan, including minor roof repairs, concrete repairs and adding HVAC where needed.
This transaction is the second service industrial investment in the latest fund in CenterSquare’s value-add strategy, bringing the total service industrial portfolio to more than 1.6 million square feet.
“This portfolio provides a critical mass of assets well-positioned to service the dense and growing population in the surrounding Houston submarkets,” said Victoria Bocanegra, vice president of private equity real estate at CenterSquare. “We’
