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610 Loop Houston portfolio

Houston Loop truck dock

610 Loop is a portfolio of five class B well located infill industrial assets in the high-growth Sun Belt market of Houston, Texas.

The assets are located with easy access to major thoroughfares, proximity to decision makers and excellent labor leading to the submarkets outperforming the broader Houston metro area.

The portfolio features a granular rent roll of tenants from a diverse array of industries with an average occupancy of 97% since 2010, and an average tenure of over 19 years, which provides the REIT with stable in-place cash flow along with the opportunity to mark expiring rents to market.

The basis is 28% below estimated replacement cost of $150 sq. ft. for this portfolio. Moreover, ongoing supply chain constraints will continue to expand development timelines and put upward pressure on construction costs. These factors will make it more difficult for developers to replicate this multi-tenant, infill industrial product that is demised down to smaller suites. This portfolio will attract tenants due to its prime location and its ability to offer rents well below newer, class A product.

Houston Loop Industrial is an opportunity to acquire a core plus industrial portfolio located in a target market at an NOI yield which supports the REIT’s objectives to provide durable income, diversification and long-term appreciation to investors.
Richard Kimble, Portfolio Manager

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