search

The Real Deal Logo

Trending

Insult to injury: Kushner dinged $15M after losing $186M dealInsult to injury: Kushner dinged $15M after losing $186M dealMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsMohamed Hadid files for bankruptcy on Beverly Hills lot, owing $55M to creditorsNYCB loan defaults surge 400% as rent-stabilized buildings bleedNYCB loan defaults surge 400% as rent-stabilized buildings bleedMontauk restaurant hits the market for $6.3MMontauk restaurant hits the market for $6.3M
Commercial
Houston

Pagewood picks up aging Spring Branch industrial complex

Plans to renovate nine-building complex it bought from Buffalo Real Estate Partners

Pagewood Buys Aging Houston Industrial Complex
Pagewood's Paul Coonrod and Buffalo Real Estate Partners' Justin Patchen with rendering of Georgibelle Business Park (Pagewood, LinkedIn, Getty)

Pagewood just picked up another industrial property, continuing its Houston buying spree.

The Houston-based firm bought the Georgibelle Business Park from local real estate firm Buffalo Real Estate Partners. 

Pagewood was represented by in-house broker Nick Spearman, while Buffalo Real Estate Partners was represented by its managing partner Justin Patchen. The price wasn’t disclosed, but Texas First Bank facilitated financing. 

Located in Greater Memorial, the complex includes nine buildings between Georgibelle Drive and Wisterwood Drive within the enclave of Spring Branch. It has an appraised value of about $9 million, according to the Harris County Appraisal District. It totals over 102,600 square feet across 4.5 acres. 

Sign Up for the undefined Newsletter

Alpine Partners brokers Derick Perkins and Kyle Fischer will spearhead leasing efforts for the complex. Pagewood also plans to invest in capital improvements at Georgibelle Business Park, including office renovations, landscape enhancements and repairs to the aging buildings. 

The complex was developed in 1975, and some of the buildings were remodeled in 2022 after Buffalo Real Estate Partners acquired them the previous year. 

This deal is Pagewood’s second commercial acquisition in Houston this year. Last month, the burgeoning firm, in partnership with CenterSquare Investment Management, acquired the 621,000-square-foot industrial portfolio Gateway Industrial Commons — a cluster of 46 buildings along Beltway 8 — from HRES Group. 

Pagewood is set to begin its redevelopment this year — in collaboration with Wile Interests — dubbed East Blocks, which is a transformation of 10 blocks of East Downtown mid-century warehouses into an expansive mixed-use project near Minute Maid Park. The first phase of this multi-phase project will encompass 513,000 square feet, featuring retail, office and green space across four city blocks on Live Oak and McKinney Street. 

To date, Pagewood manages approximately 1.7 million square feet of real estate across Texas worth $250 million, according to its website. Holdings currently include a mixture of industrial, retail and multifamily properties. 

Read more

Companies and People
Buffalo Real Estate PartnersPagewood
Tags
HoustonTexas