December 06, 2018
Dallas – Transwestern today announces it represented PacVentures in the acquisition of a 10-building industrial portfolio totaling 811,092 square feet. The properties, purchased for an undisclosed amount from Sealy, are in Brownsville, Texas:
- 1900 Billy Mitchell Blvd. Buildings A-D – 375,000 square feet
- 1000 Billy Mitchell Blvd. – 120,120 square feet
- 600 – 800 Elca Lane – 251,016 square feet
- 200 Texas Ave. – 64,956 square feet
“This portfolio was a compelling opportunity because of the strong near-term fundamentals of the South Texas industrial market,” said Steve Rowland, Senior Vice President in Transwestern’s Dallas office. “PacVentures anticipates a negligible amount of speculative development, relieving concerns about new supply potentially impacting continued upward rent pressure.”
PacVentures has been an owner in the Brownsville submarket where these properties are located for many years. The company has been steadily increasing its presence, with the recent acquisition of vacant land next to the NAFTA Business Park.
“We have seen a recent surge in rents within our existing Brownsville portfolio, and, with healthy fundamentals and an extended trade agreement between the U.S. and Mexico, we do not see any reason why this trend shouldn’t continue,” said Andrew Kaplan, founding principal of PacVentures.
The total portfolio is 96 percent leased, with notable tenants such as Trico and affiliated company Carter Fuels occupying 725,000 square feet. Trico has been a tenant since 1996 and has expanded from one building into five.
Kaplan led the PacVentures acquisition and underwriting team, while Rowland and Joe Simmons with Aquila Commercial representing PacVentures in the purchase process.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.