Square Mile Capital Management LLC today announced that it has originated a loan secured by Empire West, a two-phased, 3.2-million-square-foot industrial portfolio being completedi n Brookshire, Texas. In total, the Project encompasses approximately 300 acres at the northwest corner of Interstate 10 & Woods Road,west of Houston.
Phase 1 of the Stream Realty Partners developmentwas completed in 2020 and is 100 percent leased. Phase II is expected to be delivered in 2022. The West Houston submarket is especially strong for industrial real estate and features many significant corporate users including Amazon, Igloo, Rooms To Go, Costco Wholesale, Ross Dress for Less, Southern Glazers, MedLine, and Bel Furniture, among others.
The financing was arranged by Colby Mueck, John Ream, and their team from JLL’s Houston office.
Square Mile Capital Principal Tom Burns commented, “Well-planned design elements, strong institutional sponsorship with Stream Realty Partners,and anexcellent location along I-10 Freeway made this opportunity very appealing. Empire West Phase I provides a strong in-place debt yield coupled with credit tenancy and strong WALT (weighted average lease term). Phase IIwill consist of three cross dock buildings and three front load distribution facilities totaling 2.3 million square feet and will capitalize on different tenant demand in the market.We anticipate that leasingat Empire West will continue to be strong, as evidenced by the momentum achieved by Stream when they leased upthe entire Phase I development less than a year after breaking ground.”
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm has an established history of successful investing in commercial real estate at all points in the market cycle. Square Mile Capital’s experience supplying flexible equity and debt capital solutions in diverse property sectors and across the risk spectrum, combined with its integrated national sourcing and investment platform, facilitates the creation of value for its investors, partners, borrowers and counterparties. Square Mile Capital’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States utilizing its broad investment platform, product expertise and research resources. The firm seeks to identify the impact of long-term trends on real estate values and target its equity investments on key investment strategies likely to benefit from such trends. For more information, visit www.squaremilecapital.com.
