Fully Leased, 337,000 Square Foot, 45-Acre Heavy Infrastructure Industrial Campus Represents First Strategic Investment Targeting Manufacturing, Logistics and the Industrial Outdoor Storage Markets

Blacktop Industrial Trust (“Blacktop”), a real estate investment platform focused on acquiring and managing heavy infrastructure industrial and shallow bay multi-tenant industrial properties in select markets, today announced the acquisition of Rosslyn Business Park, a fully leased, heavy industrial campus located in Northwest Houston. Blacktop acquired the property from Houston-based Clay Development & Construction, Inc. Blacktop closed the transaction in partnership with a leading global alternative investment firm with dedicated real estate investment vehicles.

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Rosslyn Business Park, Houston, Texas

Blacktop was founded in 2024 by real estate industry veterans Thomas A. Rizk and Roger W, Thomas and is led by Ricardo Cardoso and Christian Vergilio.

“We’re excited to acquire this premier heavy industrial infrastructure campus in Houston,” said Ricardo Cardoso, CEO and Managing Partner of Blacktop. “This specific sub-type of industrial real estate continues to outperform other commercial real estate categories and delivers unique operational capabilities that make tenants extremely sticky. Rosslyn Business Park is emblematic of one of the high conviction theses we are currently pursuing - investing in infrastructure intensive, heavy industrial properties in markets with strong secular tailwinds. We have a number of additional transactions in our pipeline and look forward to announcing these investments in the near term.”

Rosslyn Business Park is a 337,705 square foot, 45-acre campus that is fully leased to seven tenants in 11 buildings located in the Northwest Houston Submarket, one of the tightest industrial manufacturing submarkets in the Houston metropolitan area. The campus features abundant outdoor storage space (IOS) and the buildings feature clear heights ranging from 20-55 feet, heavy power, overhead cranes, reinforced concrete floors, sprinkler systems and drive through capability with oversized grade level doors. The site is conveniently located next to several major highway systems and is currently occupied by established industrial manufacturing users with decades-long operational histories in fabrication, engineering, and energy sectors, including Baker Hughes, KoneCranes and Amogy.

Houston’s industrial manufacturing sector continues to demonstrate remarkable strength. The Northwest submarket recorded 1.3 million square feet of absorption in the second quarter of 2025 - the strongest quarterly performance since 2021 - while maintaining the lowest vacancy rate in Houston at just 4.7%. Manufacturing requirements now represent nearly 35% of total tenant demand in Houston, with vacancy in manufacturing facilities at just 1.3% as of the second quarter of 2025. This imbalance between robust demand and limited new supply positions assets like Rosslyn Business Park for long-term growth.

“Houston offers substantial port infrastructure and the labor advantages we seek, and we are applying the same disciplined sourcing approach across the Sunbelt, Midwest and Mid-Atlantic to build a portfolio with resilient cash flows and long-term relevance.” added Christian Vergilio, CIO and Managing Partner of Blacktop.

Blacktop’s strategy is underpinned by proprietary research identifying a persistent supply-demand imbalance in functional, infrastructure-heavy industrial properties, primarily across the Sunbelt, Midwest and Mid-Atlantic. Blacktop is targeting assets that are crane-served, rail-connected, and power-intensive at discounts to replacement cost while new construction is constrained by zoning restrictions, high capital requirements, and extended permitting timelines. Secular tailwinds including reshoring, investment in energy and transportation infrastructure, labor cost advantages, and migration into pro-business environments are fueling demand for these specialized facilities.

Blacktop is backed by Rizk Ventures, a leading special situation platform with investments in real estate, technology and healthcare Founded in 2000 by Thomas A. Rizk, the firm has deep roots in the commercial real estate sector and currently owns and operates properties across the US totaling 26 million square feet. Rizk Ventures builds fully integrated real estate businesses around seasoned entrepreneurs who bring deep expertise in their asset classes while leveraging technology to enhance returns and elevate customer experiences.

JLL Capital Markets served as financial advisor to Blacktop on this transaction.

About Blacktop Industrial Trust

Blacktop Industrial Trust is an institutional real estate investment platform focused on acquiring and managing heavy infrastructure industrial and shallow bay multi-tenant industrial properties in select U.S. MSA’s. Blacktop currently invests alongside institutional and private capital, creating strategic alignment to drive long term returns for investors.

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