Arden Logistics Parks is honored to announce our team has won the 2023 CPE Influence Awards for “Best Repositioning of an Asset” for our impactful work on our North Park 34 asset located in Houston, TX. The team at North Park 34 collectively oversaw the revitalization of vacant units and, refresh of its monument signage, enhancing landscaping, the painting of all buildings, while partnering with the City of Houston to improve the surrounding areas. The team would like to especially thank the team Stream Realty Partners for their continual partnership and support, and our vendors Western Horticultural Services, and API Painting, LLC !
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In November 2021, Arden Logistics Parks (ALP) acquired Hardy Industrial Portfolio, an 861,000 square foot multi-tenant flex/industrial park spanning 34 buildings and 228 units in Houston’s North Submarket. The portfolio was 64% occupied at acquisition.
The property was built in 1985 with minimal improvements over the course of its life. The ALP team spent 2022 focused on a repositioning plan to create immediate value that resulted in the following:
- Increased Leasing Velocity
- Moved occupancy from 64% at acquisition to 75.3% by end of 2022.
- 34 tenants were renewed in 2022, moving rents to market.
- 19 new leases were signed in 2022.
- Total leasing velocity for 2022 was 53 leases, totaling 264K SF
- Rents marked to market – roughly 20% increase across the portfolio
- Leasing rates for make-ready units exceeded original UW for 2022 by 5%
- Value-add Property Refurbishments
- 70% of the buildings in the portfolio were painted in 2022
- Modernized monument signage and signage throughout the portfolio
- Updated landscaping at the largest buildings in the portfolio to reduce water usage, reduce fire hazard and beautify the property.
- Reconfigured vacant units to better match the needs of industrial tenant demands with less office space.
- Repositioned Property within Community
- A coordinated effort with the City of Houston to clean up the surrounding areas has improved the safety of the area for our tenants. The clean-up removed underbrush, trash and adding patrol services to the area creating a safer environment.
Vendors:
- Western Horticulture Services provided landscaping services
- API Painting LLC completed exterior paint work throughout the park
