(HOUSTON, TX) – Rycore Capital sold Beltway 249 Business Center, a 101,584-square-foot flex industrial property in Houston, Texas. The sale represents a ~61% premium to purchase price in August 2023. Rycore completed the transaction through a joint venture and provided a turnkey suite of services to the venture, including asset management and property management.
During its ownership, Rycore converted tenants from gross leases to NNN structures, increased base rents toward market levels, and completed targeted capital improvements including exterior painting, HVAC upgrades, and concrete and awning repairs.
Adrienne Collins of Porter Hedges LLP represented the seller as legal counsel.
“We are pleased to see another successful industrial deal go full cycle,” said Sydney Wright, Director of Capital Formation at Rycore Capital. “Beltway 249 is the first of two investments in this joint venture to be realized. Monetizing it more than a year ahead of our original business plan is a direct result of the value our team created at the property, and it lets our investors capture that value without the execution risk of a longer hold. We look forward to executing the remaining business plan at our second asset.”
About Rycore Capital LP
Rycore Capital LP (the “Firm”) is a Houston-based real estate investment manager with approximately $413 million AUM, focused on acquiring, leasing and managing income producing properties that deliver superior real estate solutions to our tenants while providing our investment partners with some of the most consistent value-add, core-plus and core returns. The Firm offers two investment platforms to investors: Fund Management and Direct Investment Advisory. The Firm aims to provide a solution with its institutional quality real estate investment management process to high net worth, family office and institutional investors. For more information regarding Rycore, visit the Company’s website at www.rycorecapital.com.