CenterSquare Investment Management has acquired Gateway Industrial Commons, a 621,000sqft portfolio of industrial real estate in Southern US, in a joint venture with Pagewood.
The portfolio, located in the northwest submarket of Houston, comprises 46 buildings spanning nine properties, with a diverse array of service-oriented tenants.
This investment is testament to CenterSquare’s continued confidence in the service industrial sector, which remains ”ripe with potential opportunities for consolidation, optimisation and long-term growth”, the companies said.
CenterSquare and Pagewood said they intend to make various maintenance and capital improvements throughout the properties.
Victoria Madrid, vice president of private real estate at CenterSquare said: “The acquisition of Gateway Industrial Commons reflects our unwavering confidence in the limitless opportunities within the service industrial sector.
“Given the scarcity of new developments and rising costs of construction, this portfolio is well positioned for success amidst prevailing market conditions. In collaboration with Pagewood, we will enhance both the sustainability and profitability of the portfolio, driving substantial growth and aligning in-place rental rates to meet market standards.”
Mat Volz, managing principal of Pagewood added: “Gateway Industrial Commons reinforces our commitment to the industrial sector and delivers industrial product at an in-demand location.
”We are excited to partner with CenterSquare on this unique portfolio and are confident it will deliver a dynamic industrial product while enhancing the neighborhoods in which they are located.”
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