TEXAS — Granite Properties has sold a 1.25 million-square-foot industrial property to Cabot Properties for an undisclosed amount. The portfolio consists of 11 properties located in Houston and Dallas. It includes 24 buildings constructed between 1978 and 2008. The buildings range in size from 70,388 square feet to 228,900 square feet. The average occupancy was 79.8 percent at the time of closing.
The sale was part of a larger 16-property portfolio that Granite brought to market as a way to divest of its industrial holdings. The other five properties were sold last December. Granite currently controls a portfolio totaling more than 8.5 million square feet of office and retail space.
The Holliday Fenoglio Fowler team of Rusty Tamlyn, Trent Agnew, Randy Baird, Jud Clements and Robby Rieke represented the seller in the deal. The acquisition price could not be released.
— Coleman Wood