A joint venture between Blacktop Industrial Trust and an alternative investment firm has acquired Rosslyn Business Park, a 337,705-square-foot heavy industrial campus in Houston.
Clay Development & Construction sold the asset. The firm acquired it in January 2022 from General Electric using funds from an $18 million loan, according to Yardi Research Data.
The property completed in 1977 consists of 11 buildings across 45 acres and features outdoor storage space. Facilities have clear heights ranging from 20 feet to 55 feet, heavy power, overhead cranes, reinforced concrete floors and sprinkler systems. They also have drive-through capability with oversized grade-level doors.
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Located at 12221 North Houston Rosslyn Road in the Northwest submarket, the campus is close to Highway 249 and about 16 miles from downtown Houston. George Bush Intercontinental Airport is 13 miles away.
At the time of sale, seven tenants fully leased the space. These industrial manufacturing users—including Baker Hughes, Konecranes and Amogy—have decades-long operational histories in fabrication, engineering and energy sectors.
This specific subtype of industrial asset continues to outperform other commercial real estate sectors, Blacktop CEO Ricardo Cardoso said in a prepared statement. Blacktop, formed in 2024, focuses on acquiring and managing heavy infrastructure industrial and shallow-bay multitenant industrial properties.
Houston’s manufacturing subsector is expanding
Houston has seen a 15.1 percent increase in its industrial job base since the beginning of this decade, according to an Avison Young market report. The expansion has been driven by growth in manufacturing, as well as wholesale trade and transportation. More recently, the expansion has stabilized, with a 1.4 percent year-over-year increase, which is close to a return to pre-pandemic averages.
Roughly 99 million square feet of industrial space in metro Houston is devoted to manufacturing, the same source shows. Another 686,400 square feet are currently under development, as demand for the subtype continues to keep direct vacancies low—2.8 percent as of the second quarter of this year.
Earlier this year, Foxconn paid $142 million for a four-building, 1 million-square-foot industrial campus within the same submarket. The firm plans to build an AI server manufacturing facility at the industrial park.
