Local Commercial Real Estate Firm Co-Developed Project with Pinto Realty Partners
HOUSTON (December 1, 2022) – Griffin Partners, an entrepreneurial commercial real estate investment, development and property management firm, recently sold Pinto 23, a state-of-the-art, Class A industrial development in North Houston to Hines, the global real estate investment, development, and property manager. Pinto 23 is located within Pinto Business Park and was co-developed with Pinto Realty Partners.
The newly delivered Project, “Pinto 23,” features a 282,190-square-foot cross-dock industrial building with 36’ clear heights, 76 dock doors, 112 trailer spaces with capacity for 44 additional spaces and 4,604 square feet of spec office and frontage along Beltway 8, one of Houston’s most strategic logistical thoroughfares.
Located at 10909 Greens Crossing Boulevard, the Project is strategically located at the Southwest intersection of Interstate 45 and Beltway 8 in the North Houston submarket within Pinto Business Park. Pinto Business Park, Houston’s largest deed-restricted business park with over 5.3 million square feet of rentable space, is currently over 98 percent leased.
Griffin Partners and Pinto Realty Partners delivered the Project in October 2022 and were already seeing significant leasing activity prior to the sale.
“We felt the Project’s superior location, building amenities and quality construction attributes were worth testing the market on a potential sale,” said Andrew Montgomery, President of Griffin Partners Investment Management. “These attributes ultimately provided a clear path to complete a transaction with a well-healed institutional buyer in an extremely short period of time, as the building was being delivered.”
“Hines has a long history with Pinto Business Park and the superior quality, access, and visibility of this asset is very much in line with the top-of-market industrial and logistics properties that we are seeking to acquire across the U.S. right now,” said Palmer Letzerich, Senior Managing Director at Hines.
Trent Agnew at JLL represented the seller in the transaction. Hines has awarded the leasing of the property to Faron Wiley at CBRE.
In addition to the building amenities and quality construction, the Pinto Business Park location has attracted numerous national corporations within a one-mile radius, including Amazon, Sysco, Coca-Cola, Home Depot Supply and Emser Tile distribution centers. Directly adjacent to the site on its western edge, Amazon occupies an 850,000-square-foot fulfillment warehouse. Over the past 40 years, Griffin Partners has created and cultivated lasting client-focused relationships by successfully identifying promising investment strategies. These opportunities have been converted into profitable investments through the efforts of the firm’s multi-disciplined operating platform. For more information on Griffin Partners, visit www.griffinpartners.com
About Griffin Partners:
Griffin Partners is a commercial real estate investment, development, and property management firm founded in 1980 by Fred Griffin. Headquartered in Houston, Texas, Griffin Partners cumulatively has acquired or developed over 18 million square feet of space across more than 79 projects comprised of 112 individual properties, with an aggregate value that exceeds over $2.5 billion. The company owns and operates properties throughout Texas, Colorado, Arizona, Utah, Tennessee, and North Carolina. For more information on Griffin Partners, visit www.griffinpartners.com
About Hines:
Hines is a global real estate investment, development and property manager. The firm was founded by Gerald D. Hines in 1957 and now operates in 28 countries. We manage a $92.3B portfolio of high-performing assets across residential, logistics, retail, office, and mixed-use strategies. Our local teams serve 634 properties totaling over 225 million square feet globally. We are committed to a net zero carbon target by 2040 without buying offsets. To learn more about Hines, visit www.hines.com and follow @Hines on social media.
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