
Meritex Acquires Three-Building Industrial Park in Houston, TX
August 30, 2023 Houston, TXThe Meritex Company (“Meritex”), through its Meritex
Industrial Fund IV, is excited to announce the acquisition of Stafford Park
Business Center, a three-building, 278,224 sq. ft. Class A industrial park. The
property is currently 100% leased to 12 tenants with a weighted average lease
term of approximately three years.
Located in the Southwest Houston industrial submarket, the
property offers easy access to U.S. Highway 59 and 90, and Beltway 8 via West
Airport Boulevard, providing superior multidirectional connectivity. The property was built in 2005 and features
78 dock-high doors, 10 drive-in doors, clear heights between 20’ - 24’, and an
ESFR sprinkler system. The property’s
average tenant tenure of 10 years is a testament to Stafford Park Business
Center’s mission-critical location and functionality.
“Stafford Park Business Center is well positioned to
continue its strong performance due to its direct proximity to the growing
population base of West and Southwest Houston and increasing land constraints
in the Southwest Industrial Market,” says Drew Evans, Director of Acquisitions
for Meritex. Evans explains, “The submarket has limited remaining industrial
land sites, creating greater demand for well-located and highly functional
properties like Stafford Park Business Center.”
“The market in Houston is and will continue to be a priority
for us,” says Ben Lieser, Regional Manager for Meritex’s Minnesota and Texas
portfolio. “With this strategic acquisition, Meritex now owns properties in
Houston’s most desirable industrial submarkets.”
Trent Agnew, Charles Strauss, Lance Young, and Brooke Petzold of JLL represented the seller in this transaction. The property will be managed by Jessica Porras, Senior Property Manager of Stream Realty.