HOUSTON-Following a two-year hold, Black Forest Ventures disposed of 17000 Katy Freeway, a 174,521-square-foot, five-year-old office building in Houston’s far west Energy Corridor submarket. The amount that New York buyer DRA Advisors LLC paid for the asset was undisclosed, though the Harris Central Appraisal District assessed the class A building at $28 million.
GlobeSt.com previously reported that Black Forest Ventures, located in The Woodlands, TX, bought the office building in 2010 from CORE Real Estate and Prudential Real Estate Investors. The property is 100% leased to Mustang Engineering and the John Wood Group.
“DRA Advisors has been aggressively looking to expand its holdings in Houston and recognized the opportunity to acquire a Class A asset with tremendous upside due to its tenancy and location within one of the country’s hottest submarkets, the Energy Corridor,” says Trent Agnew, HFF associate director in a press release. Agnew and HFF senior managing directors Rusty Tamlyn and Dan Miller led the team representing the seller.
HFF also worked with the buyer to secure a five-year acquisition loan through Wells Fargo Bank NA. HFF’s debt placement team representing the buyer was led by senior managing director Wallace Reid, managing director Matt Kafka and director Colby Mueck.