JLL’s Capital Markets experts today announced the firm completed the sale of a 63,550-square-foot flex/R&D building at 5050 Westway Park Blvd. in Houston. GBP Industrial, a private investment group, purchased the fully leased building from Houston-based Vigavi.
Built in 2009, 5050 Westway Park Blvd. encompasses office, warehouse and lab space. Features of the building include high-end interior finishes, four dock-high doors, and a fenced truck court. Located in Beltway 8 Corporate Center, the building provides convenient access to Beltway 8, Interstate 10 and U.S. Highway 290.
The building is fully leased to three tenants representing the sales and marketing, technology, and energy industries.
“This is a high-quality asset in a thriving submarket,” said Dustin Volz, JLL’s industrial capital markets lead for Texas. “With a history of full occupancy and first-rate tenants, this building offered investors a strong income stream with cash-flow stability.”
The property is set within the northwest industrial submarket, which captured nearly 30 percent of Houston industrial leasing in the second quarter of 2018. The submarket closed the quarter with a total vacancy rate of 5.6 percent.
Dustin Volz, Kevin McConn, Rick Goings, Zane Marcell, Richard Quarles and Mark Nicholas led the JLL team on the transaction.
Earlier this year, GBP Industrial purchased a 93,000-square-foot flex/R&D building at 7207 Gessner Road, in a deal also brokered by JLL.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.
