Fortress Closes $265 Million Senior Loan for Adkisson Group, PCCP's Northwoods Business Park Acquisition in Houston
NEW YORK — Fortress Investment Group announced Nov. 10 that funds managed by its affiliates ("Fortress") have closed a $265 million senior loan to finance the acquisition of Northwoods Business Park, a 2.8 million-square-foot crane- and rail-served industrial manufacturing park in northwest Houston. The borrower is a joint venture between Adkisson Group and PCCP, LLC. IPA arranged the financing.
Fortress Loan Supports Acquisition and Capital Improvements
Proceeds from the Fortress senior loan will support the joint venture's acquisition of the property as well as planned capital improvements, according to the announcement. Those improvements include the development of two additional crane-served buildings.
The $265 million loan equates to roughly $94.64 per square foot based on the property's 2.8 million square feet.
Cullen Atchison, Managing Director, Capital Markets at IPA, said in the announcement that the firm arranged the debt and equity for the investment. "We structured the capital to support our client's ownership vision and position the property for lasting success," Atchison said, adding that Adkisson Group chose capital partners it believed were best aligned with its long-term goals for the asset.
Northwoods Business Park: Property Profile
Northwoods Business Park comprises 69 buildings on a 250-acre infill site in northwest Houston. The park was developed over more than 45 years and is served by on-site overhead cranes and bordered by an active rail line. It is approximately 96% leased to a diverse base of tenants in manufacturing, metal fabrication and other industrial and construction-support businesses.
The crane-served buildings are designed for especially heavy-load trucks and crane systems, with metal beam construction, thick foundation slabs and mostly grade-level doors, according to the announcement.
Sponsor Comments on the Deal
Raymond Hu, Director at Fortress Investment Group, said in the announcement: "Northwoods Business Park is unique, functional industrial product and stands in one of the strongest and tightest manufacturing submarkets in the country." He added that the sponsors' experience in the industrial space and the clear business plan for the property give Fortress confidence in the financing.
Arturo Creixell, President of Adkisson Group, said the closing "sets the stage for our next chapter of growth," and that Adkisson is excited to partner with PCCP as equity partner and Fortress as lending partner.
Brad Hartstein, Senior Vice President at PCCP, said the firm believes the property's strong history of occupancy, limited competing supply and growing demand for crane-served manufacturing space in Northwest Houston "provide an attractive opportunity to capture rental upside and create long-term value."
Atchison of IPA described the property as "a generational acquisition" for Adkisson Group.
The Parties
Adkisson Group is a Houston-based, vertically integrated industrial real estate developer and investor with an in-house construction and property management platform. The privately held firm combines land acquisition, property development, general contracting and construction management across the Greater Houston market.
PCCP is a Los Angeles-based real estate investment management and finance firm that invests across the capital structure in commercial real estate debt and equity. The firm reported more than $30.1 billion in assets under management as of June 30, 2026, with offices in New York, San Francisco, Los Angeles, Atlanta and Seoul.
Fortress, founded in 1998, reported $55 billion in assets under management as of June 30, 2026, across credit and real estate, private equity and permanent capital strategies.
Houston Industrial Market Context
The financing comes as Houston's industrial market becomes more selective. Third-quarter 2026 vacancy ranged from 6.3% to 7.5% depending on the research provider, with new deliveries continuing to add available space. Matthews reported 20.9 million square feet of net absorption against 27.9 million square feet of deliveries through the first three quarters, with asking rents down 1.8% year over year.
Other measures show continued demand. Savills reported 7.5 million square feet of third-quarter absorption and 17.8 million square feet year to date, more than double the prior-year total. Cresa said nearly 16 million square feet of leases were signed in the third quarter, the strongest quarterly leasing volume in its records, while about 8 million square feet of deliveries pushed vacancy to 7.5%.
Specialized space has fared differently. Cresa reported that crane-served and heavy-power buildings remain scarce, with manufacturing vacancy running at roughly one-third of the broader industrial-market rate. Demand has been supported by reshored manufacturing, power-generation projects and large users tied to artificial-intelligence infrastructure, many of which need buildings larger than 200,000 square feet and specialized utility or structural capacity.
Rent and pricing data vary by source. Cushman & Wakefield reported a third-quarter average industrial asking rent of $8.16 per square foot in Houston, with the Northwest submarket at $8.72 per square foot and annual rent growth of 7.1% there. Houston.org reported an average industrial triple-net asking rent of $11.05 per square foot, up from $10.34 a year earlier. Lee & Associates reported a second-quarter 2026 average industrial sale price of $116 per square foot and a 6.66% average cap rate, while Matthews reported a third-quarter average cap rate of 7.9%.
Outlook for the Northwoods Business Plan
The sponsors are acquiring a highly occupied, infill campus with rail service and cranes while the broader Houston market absorbs a large development pipeline. The planned two-building expansion would add supply in a specialized niche rather than in the market's standard distribution warehouse inventory. Existing occupancy provides interim cash flow during the capital-improvement program.
Sources
Fortress Investment Group press release, Nov. 10, 2026: https://www.fortress.com/news/2026-11-10-fortress-investment-group-leads-265-million-loan-for-acquisition-of-northwoods-business-park-in-houston