9647 West Wingfoot
Equity Industrial Partners (EIP), a leading industrial real estate investment and development firm, showcased their expertise in value-add opportunities with the successful acquisition and development of the property at 9647 West Wingfoot in Houston, TX. This case study highlights EIP's strategic vision and commitment to transforming industrial spaces through substantial property improvements and successful leasing agreements.
Acquisition and Sale-Leaseback with Toys R Us
In 2000, EIP acquired the property at 9647 West Wingfoot as part of the Toys R Us Portfolio through a sale-leaseback arrangement. The sale-leaseback allowed Toys R Us to unlock capital while continuing to occupy the property as a tenant. EIP recognized the value-add potential of the land and sought to create an attractive space for future leasing opportunities.
Lease-Up and White Boxing with Veritiv and HEB
Between 2007 and 2013, EIP faced challenges when Southern Worldwide Logistics filed for bankruptcy. However, EIP swiftly backfilled their space with new tenants, International Paper (Veritiv) and HEB, a leading supermarket chain. To accommodate the new tenants, EIP invested significantly in white boxing the spaces, providing versatile and customizable premises for future occupancies.
The white boxing process involved stripping the spaces to their core, creating blank canvases for tenants to design their layouts. During these lease-ups, EIP allocated approximately $2.5 million in landlord's work to achieve a high-quality white box standard.
Expansion and Repairs with HEB
In 2019, EIP further expanded HEB into the full building, consolidating their operations and solidifying their commitment to the location. As part of this expansion, EIP made necessary repairs to the concrete and dock doors, ensuring the facility's optimal functionality.
Success Story: A Dynamic and Adaptive Industrial Hub
The case study of 9647 West Wingfoot showcases Equity Industrial Partners' prowess in industrial real estate investment and development. The strategic acquisition, white boxing, and leasing successes with Veritiv and HEB exemplify EIP's commitment to delivering dynamic and adaptive industrial spaces.
Equity Industrial Partners' successful transformation of 9647 West Wingfoot into a dynamic industrial hub highlights their expertise in value-add real estate investment and development. The strategic acquisition, extensive property improvements, and leasing triumphs with Veritiv and HEB demonstrate EIP's dedication to creating premier industrial spaces. By investing in substantial property enhancements and securing high-profile tenants, EIP has solidified their position as a trusted leader in the industrial real estate market, providing superior value and performance for their portfolio.