HOUSTON, TX – Rycore Capital has closed on the acquisition of Kuykendahl Business Center, an 87,600 SF small-bay industrial park in North Houston. The asset was acquired off-market from a private owner at a significant discount to comparable trades and replacement costs.
At the time the PSA was signed, the property was 80% leased. Between signing and closing, Rycore worked closely with the seller to push occupancy to 90%, with all new leases signed at or above underwriting assumptions. That leasing momentum puts the asset ahead of plan from day one, with continued upside as remaining vacancy leases up and in-place rents mark to market.
“We are excited to be getting this deal across the finish line. Kuykendahl is a great example of the types of opportunities we’re acquiring through our off-market acquisition strategy,” said Chris Bergersen, Director of Acquisitions at Rycore Capital. “By building relationships directly with brokers and owners, we’re able to find small-bay industrial assets that aren’t broadly marketed and create value through both the basis we acquire them at and our ability to execute on leasing and operations. This is exactly the type of deal that fits our strategy: well-located, functional industrial properties with attractive fundamentals and meaningful upside that we can unlock through hands-on ownership.”
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.