Brennan Investment Group, LLC, a private real estate investment firm that acquires and operates industrial properties on a national basis, announced its acquisition of Hempstead Business Park, a twelve-building, 133,850 square foot light industrial park located at 10612-10616 Hempstead Highway in Houston, Texas. The portfolio is currently 92% occupied.
“We are pleased to complete the acquisition of this twelve-building portfolio in the Northwest submarket of Houston. The Houston market has demonstrated strong fundamentals, evidenced by over 1.2 million square feet of positive net absorption year-to-date, and a current vacancy rate of 5.1%,” said Troy MacMane, Southwest Managing Principal at Brennan Investment Group.
Scott McKibben, Chief Investment Officer at Brennan Investment Group stated, “This acquisition is illustrative of our criteria to acquire industrial assets at a low basis in infill markets, with the ability to increase cash flow through leasing and rental increases.”