HOUSTON \u2013 (Realty News Report) \u2013 Brennan Investment Group, in partnership with PCCP, announced the acquisition of a 1.3 million-SF industrial portfolio in Northwest Houston from oil and gas equipment maker Innovex International.<\/p>\n
The portfolio, on 126 acres near the NW corner of North Eldridge Parkway and West Little York Road, consists of 16 manufacturing and warehouse buildings ranging from 11,000 SF to 450,000 SF. Built between 1999 and 2018, the manufacturing campus is part of Brennan\u2019s strategy of buying and improving industrial properties to attract diverse tenants.<\/p>\n
\u201cThis acquisition represents a truly unique opportunity to secure one of the largest, most functional and well-located heavy industrial campuses in Houston,\u201d said Troy MacMane, Co-Founder and Managing Principal at Brennan. \u201cThe combination of scale, specialized infrastructure, and access to Houston\u2019s growing labor base positions this portfolio as a premier long-term investment.\u201d<\/p>\n
Last week, Innovex announced in a press release it had closed on the $90 million sale of Eldridge facility it gained in the merger with offshore drilling equipment manufacturer Dril-Quip in 2024.<\/p>\n
Innovex said it will lease the property through the end of the year \u2013 at a cost of $650,000 per month \u2013 while it consolidates its footprint in an effort to lower costs and simplify operations. Exiting the property will reduce the square footage of its Houston Subsea operations by nearly 80%, according to Innovex.<\/p>\n
\u201cThis sale is a meaningful milestone in our transformation journey. The transaction will enhance our already strong net cash position and is significant in size, with expected proceeds equal to nearly 7% of Innovex\u2019s current market cap,\u201d said Adam Anderson, CEO of Innovex. \u201cWe view this outcome as a powerful combination of financial strength and operational improvement, fully aligned with our strategy of maintaining a lean, flexible cost structure and a conservative balance sheet to capture opportunities across industry cycles.\u201d<\/p>\n
Houston\u2019s Industrial Strength<\/a><\/p>\n The Houston market absorbed 2.5 million square feet of industrial space in the third quarter, according to CBRE.<\/strong><\/p>\n Houston led the state for industrial construction in the second quarter when 17.8 million SF was underway, according to CBRE. However, an exceptionally large number of projects were completed in the third quarter \u2013 with 9.4 million SF of new space delivered. Houston\u2019s construction pipeline now stands at 12.3 million SF.<\/p>\n CBRE reports the citywide third quarter industrial vacancy rate of 7.5%, up from 6.2% in the second quarter. The uptick in vacancy was caused by the large number of construction completions.<\/p>\n Boilerplate<\/strong>: Chicago-based Brennan Investment Group<\/strong> has acquired or developed $6.5 billion in industrial real estate since 2010. The company\u2019s portfolio<\/a> spans 57 million SF across 29 states. PCCP<\/strong> is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $27.9 billion in assets under management on behalf of institutional investors.<\/p>\n Oct. 1, 2025 Realty News Report Copyright 2025<\/p>\n Image: courtesy Brennan Investment, PR Newswire<\/p>\n Mark Your Calendar<\/strong><\/p>\n CommGate will host its Economic Outlook<\/strong>\u00a0\u2013Wednesday, Oct. 15 from 3 to 6 p.m. at the Houston Country Club. Economist Ted C. Jones, PhD, will present an economic forecast examining trends that will shape the real estate market in the coming year. Following the presentation, connect at a networking social with beverages and hors d\u2019oeuvres. Free for members of CommGate, CCIM, and SIOR. Non-members $50.\u00a0For information: click here.<\/strong><\/a><\/p>\n THE RALPH BIVINS PROJECT PODCAST<\/strong><\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with David Hightower\u00a0\u00a0\u00a0<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Alex Kamkar of Bold Fox Development<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Brad McWhirter of Trahan Architects<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Lacee Jacobs of Rebel Retail Advisors<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Danny Rice of Colliers<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Trey Odom of Avera<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Kris Larson of Downtown Houston +<\/a><\/p>\n LISTEN:\u00a0THE RALPH BIVINS PROJECT with Jim Carman of Howard Hughes Holdings<\/a><\/p>\n