CenterSquare Investment Management and PAGEWOOD have joined forces to acquire Gateway Industrial Commons, a 621,000-square-foot industrial services facility (ISF) portfolio. ISFs are typically truck terminals, material and container storage yards, and equipment maintenance facilities.

Comprised of 46 buildings spanning nine properties in the NW submarket in Houston, the Portfolio caters to a diverse array of service-oriented tenants and accommodates users of various sizes, with spaces ranging from 1,000-30,000 square feet.

New Service Industrial inventory remains limited, due to both high barriers to entry and rising construction costs, positioning sector fundamentals to remain favorable for the foreseeable future. 

CenterSquare and PAGEWOOD intend to address deferred maintenance and make a range of capital improvements throughout the properties. The JV says with improved aesthetics and institutional management of operations, the Portfolio will be positioned to significantly increase the in-place rental rates to align with prevailing market rates and drive meaningful growth of net operating income.

Nuveen Real Estate has unloaded Fayette Pavilion, the state’s largest and most popular open-air center (Placer.ai). 5Rivers CRE bought the 1.1 million square foot property. CBRE arranged the sale. 

Located in Fayetteville, Georgia, approximately 22 miles south of downtown Atlanta, Fayette Pavilion sits on approximately 106 acres. The center attracts over 8.3 million annual visits. Developed in four phases from 1995-2003, the property has evolved into a super-regional, tandem grocery-anchored shopping destination. Currently 96% leased, Fayette Pavilion’s tenant roster stands at 68 tenants, 70% of which have been at the property for over five years. Notable anchors like Publix, Hobby Lobby, Burlington, Ross Dress for Less, Marshalls, PetSmart, Old Navy, pOpshelf, Dollar Tree, and Five Below. 

Founded in 1995, 5Rivers CRE is a family-owned commercial real estate investment management company based in Houston. Since its inception, the company’s portfolio has grown to 5.4 million square feet of retail space valued at $700 million, mostly located in the Sun Belt