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ATCAP Fund Completes First Investment, Acquires 937,000-SF Industrial Portfolio in Houston

Dallas Firm's New Investment Vehicle Adds 16 Properties to Holdings
December 7, 2017
ATCAP Fund I, the new investment vehicle of Dallas-based office and industrial real estate investment company ATCAP Partners, closed on its first investment with the purchase of a 16-building light industrial portfolio totaling 936,608 square feet in Houston from Stockbridge Capital Partners. Terms of the deal were not disclosed.

Located in Houston's South, Southwest and Northeast industrial submarkets, the portfolio includes the 206,483-square-foot Astro Business Park at 8825-9087 Knight Rd.; two buildings totaling 225,475 square feet at 5990-6018 Griggs Rd.; the 298,081-square-foot McCarty Business Park at 245-309 McCarty St.; and four buildings totaling 206,569 square feet at 8710-8798 Westpark Dr.

Collectively, the buildings are 95 percent leased to 57 tenants, and provide easy access to a number of area thoroughfares including Interstates 45 and 10, Sam Houston Tollway (Beltway 8), U.S. Highway 59, Loop 610 and Westpark Tollway.

Trent Agnew and Rusty Tamlyn of HFF's investment advisory team negotiated the sale on behalf of Stockbridge Capital Group, the same team that represented Cobalt Capital Partners in its original sale of the portfolio to Stockbridge Capital Group in 2012.

"Class B industrial, especially portfolios of scale, continue to generate a tremendous amount of interest due to the lack of competitive supply, pricing in relation to replacement cost and upward pressure on rental rates," Agnew said. "This portfolio has seen a significant uptick in rents since we facilitated the sale of it to Stockbridge for their value fund in 2012, and ATCAP recognizes the opportunity to continue this momentum at a basis well below replacement costs today."

Brian Carlton and Cameron Cureton of HFF's debt placement team arranged a five-year, fixed-rate loan with Global Atlantic Financial Group on behalf of ATCAP.

For more information on the transaction, please see CoStar Comp #4070092.
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