Lovett Industrial has quietly become one of Houston’s heavyweights.
The company, co-founded by Charlie Meyer and Frank Liu, acquired a 1.4 million-square-foot industrial portfolio in Northwest Houston in April, the Houston Chronicle reported. Lovett acquired the assemblage from Claymoore, marking one of the largest industrial deals last quarter, according to real estate firm Transwestern.
Lovett, founded in 2020, has bought and developed almost 9 million square feet in three years, with the bulk of its holdings in Greater Houston and New Jersey. The firm’s portfolio includes distribution centers for household brands, including Macy’s and Amazon.
Lovett recently launched a property management company to oversee its 1.4 million square feet in Houston, which comprises the 1 million-square-foot Claymoore Business Park and the 378,900-square-foot West by Northwest Business Park, off Highway 290.
While Lovett didn’t disclose the purchase price, the firm bought the properties at a bargain since they’re older buildings, constructed in the 1990s.
“Because of inflation, it’s probably 50 percent more expensive to build a building than it was two years ago, or more than that,” Meyer told the outlet. “(These are) a high-quality set of buildings, and we’re able to buy it for less than it would cost to build it, so that would lead you to believe you could charge much higher rents over time.”
Lovett will continue seeking low-risk properties with value-add opportunities, while continuing to develop its own industrial projects. The firm is building the 1.2 million-square-foot Northport Logistics Park in Conroe. It’s also working with Clarion Partners to add nearly 975,000 square feet to the Interchange 249 Logistics Park in Tomball.
—Quinn Donoghue
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