Deal of the Week: Dallas firm snaps a chunk of industrial property

ATCAP Fund I has acquired the 298,081- square-foot McCarty Business Park﻿. It is part of a deal totaling 936,608 square feet in 16 buildings.﻿ ATCAP Fund I has acquired the 298,081- square-foot McCarty Business Park﻿. It is part of a deal totaling 936,608 square feet in 16 buildings.﻿ Photo: HFF Photo: HFF Image 1 of / 1 Caption Close Deal of the Week: Dallas firm snaps a chunk of industrial property 1 / 1 Back to Gallery

Dallas-based ATCAP Partners has bolstered its Houston holdings with the acquisition of four older industrial properties totaling nearly 940,000 square feet from Stockbridge Capital Group.

The purchase, which represents the initial investment of its ATCAP Fund I, included 16 buildings in the south, southwest and northeast submarkets. The portfolio is 95 percent leased to 57 tenants.

Trent Agnew and Rusty Tamlyn of HFF marketed the portfolio for San Francisco-based Stockbridge Capital Group, which had held it for five years.

The properties consist of the 206,483-square-foot Astro Business Park at 8825-9087 Knight Road; 225,475 square feet at 5990-6018 Griggs Road; the 298,081-square-foot McCarty Business Park at 245-309 McCarty Street; and 206,569 square feet at 8710-8798 Westpark Drive.

"Class B industrial, especially portfolios of scale, continue to generate a tremendous amount of interest due to the lack of competitive supply, pricing in relation to replacement cost and upward pressure on rental rates," Agnew said.

"This portfolio has seen a significant uptick in rents since we facilitated the sale of it to Stockbridge for their value fund in 2012, and ATCAP recognizes the opportunity to continue this momentum at a basis well below replacement costs today."

HFF's Brian Carlton and Cameron Cureton arranged a five-year, fixed-rate acquisition loan with Global Atlantic Financial Group for ATCAP. The deals follows ATCAP's recent purchase of a three-building portfolio on Claymoore Park in northwest Houston and Wallisville Road in northeast Houston.