CIM Group Lends $57.5M for Houston Industrial Portfolio
CIM Group’s CIM Real Estate Debt Solutions division has announced the closing of a $57.5 million whole loan, provided on behalf of a CIM-managed fund. This loan was extended to Creation Equity and PGIM Real Estate to refinance a four-building industrial property portfolio in Northwest Houston, Texas. The portfolio, comprising approximately 533,000 square feet, reflects the growing demand for modern industrial facilities in this key market.
Portfolio Overview
Completed in May 2024, the portfolio includes Houston Point 290, a three-building complex located at 9210 Highway 6 N, and Cypress Creek Distribution Center at 9580 Cypress Creek Parkway. Both properties are strategically situated near major transportation routes—Route 6 and Route 290—and offer easy access to the Port of Houston, one of the fastest-growing ports in the United States.
The facilities are designed to meet the evolving needs of modern industrial tenants. Features include 32-foot clear heights, large truck courts, drive-in doors, and extensive parking with 593 spaces. Three of the buildings feature rear-loading designs that optimize internal circulation and storage while maintaining an aesthetically pleasing exterior. This design helps hide truck activity from public view, enhancing the visual appeal of the properties.
CIM Group’s Lending Strategy
CIM Group leverages its extensive experience as an owner, operator, and developer of high-quality commercial real estate to inform its lending decisions. Through mortgage and mezzanine loans, CIM Group’s affiliates and managed funds provide financing solutions for owners and developers of commercial properties in major U.S. markets. The company offers bridge and construction financing, working closely with borrowers to tailor solutions that meet their specific needs.
About CIM Group
Founded in 1994, CIM Group is a real estate and infrastructure firm dedicated to creating value and positively impacting communities across the Americas. The company has delivered more than $60 billion in real estate and infrastructure projects. With a diverse team of professionals, CIM Group applies its expertise through hands-on asset management, from due diligence to operations and eventual disposition.
About Creation Equity
Creation Equity is a nationally recognized firm specializing in real estate development, hospitality concepts, and alternative investments. Founded by David Sellers and Bob Agahi, the company currently oversees $3.3 billion in active development projects across eight states. Creation Equity manages all phases of development, from land acquisition and design to construction and sale. Its investment arm, Creation Ventures, has co-founded multiple startups and supported over 100 emerging businesses nationwide. Headquartered in Phoenix and Dallas, the company continues to push boundaries in the real estate sector.
About PGIM Real Estate
With $212 billion in gross assets under management, PGIM Real Estate is a global leader in real estate equity, debt, agriculture, and impact investing. As part of PGIM, the asset management division of Prudential Financial, Inc. (NYSE: PRU), PGIM Real Estate has a 50-year legacy in commercial real estate investment and a 140-year history in real estate financing. The firm operates in 32 cities worldwide and emphasizes responsible investing practices that generate positive environmental and social impacts.
Strategic Importance of the Portfolio
This loan highlights the growing demand for industrial properties in Houston, driven by the city’s expanding population and robust economy. With its proximity to the Port of Houston and major transportation corridors, this portfolio is well-positioned to attract logistics, distribution, and manufacturing tenants seeking modern facilities. The investment reflects CIM Group’s confidence in the long-term growth potential of the Houston industrial market and its commitment to supporting the development of high-quality commercial properties.
Conclusion
CIM Group’s $57.5 million loan to Creation Equity and PGIM Real Estate underscores the firm’s role as a key player in the commercial real estate lending market. By financing high-quality industrial properties in strategic locations, CIM Group continues to support economic growth and development in communities across the United States. The Houston portfolio, with its modern design and prime location, is poised to meet the needs of industrial tenants while contributing to the region’s economic vitality
