Amalfi Capital enters Houston market teaming with Griffin Partners on a 282k S.F. industrial facility.
Development of a 282,190 SF cross-dock distribution facility in a high-demographic growth submarket of Houston, TX. The Project plans to capitalize on increasing reliance on e-commerce.
Experienced Tenured Local Sponsorship with Houston Industrial Track Record: Griffin Partners, a sponsor based in Houston, Texas, has been involved with the acquisition, development, or management of 14.7 million square feet of real estate with an aggregate value exceeding $2.1 billion, of which approximately $178 million has been industrial real estate. Griffin Partners has acquired or developed 500 thousand square feet of industrial space in Houston. This Offering will be their 5th industrial investment in the market. With Griffin Partners’ headquarters located in Houston, in addition to an added level of expertise,
their local presence will allow extra hands-on oversight of the project.
Griffin Partners is a full-service real estate operating company founded in 1980, based out of Houston, TX. Griffin invests in 10 target markets across the sunbelt pairing top-down macro-analysis with asset-by-asset due diligence. Through this data-driven approach, they identify opportunities to add significant value for investors. Since the inception of its investment management business in 1998, Griffin Partners has made 47 consecutive profitable investments through the acquisition and development of office, mixed-use and industrial assets. This experience acquiring, developing, or managing assets encompasses over 14.3M SF with an aggregate value over $2.1B. Through all of these investments, Griffin Partners has a track record of delivering strong returns to investors. Across all 47 investments, Griffin Partners provided weighted average returns, net of all fees, to investors of 13.6% IRR and a 2.1x equity multiple. The five senior partners have an average tenure at Griffin of 15 years and average industry experience of 27 years.
Premier Access Demanded by National Corporations – Amazon, Sysco, Coca-Cola, Home Depot Supply, and More (within 1 mile): North Freeway/Tomball Parkway is the second largest industrial submarket of the 6th largest industrial market in the U.S., Houston. The Project offers outstanding access to the Houston metro, as well as the broader Southwestern and Southeastern portions of the U.S. via Interstate 45, Beltway 8, and Interstate 10. The project’s location has rare frontage on Beltway 8, less than one mile west of the Interstate 45 and Beltway 8 diamond interchange. This premier location has attracted numerous national corporation distribution facilities within a one-mile radius including: Amazon, Sysco, Coca-Cola, Home Depot Supply, and Emser Tile. Directly adjacent to the Project to the west, Amazon has an 850,000 SF sort center fulfillment warehouse.
Favorable Macroeconomic Industrial Trends due to E-commerce: The US industrial market has seen 44 consecutive quarters of positive absorption (1Q2021 US CBRE Report). So, while the growth of the industrial sector is not new, it has been accelerated by the social and economic impacts of the COVID-19 virus. Over the past 12-18 months, the increase in online shopping and e-commerce sales has had a positive impact on the industrial market.
“We feel very fortunate partnering with such a well-respected and experienced sponsor in one of the hottest industrial markets in the country today. Griffin knows this territory perhaps better than anyone and has the experience and resources to take on a project of this magnitude,” said Mike Schnurr, m.p. of Amalfi Capital. “We love Griffin’s past success on projects like this and we look forward to additional opportunities in the future.”
Amalfi Capital is a real estate equity firm founded in 2015 that is an investor in over 1 million square feet of property throughout the United States. Amalfi focuses on expanding its portfolio by partnering with highly experienced sponsors who are experts in their respective markets by investing in commercial & industrial assets that we believe are well positioned for above market returns over the long run. Amalficapital.biz – amalficapitalinfo@gmail.com