HOUSTON–InSite Realty Partners has purchased a two-building office property in the Westchase District. 2950 and 3030 South Gessner was sold by a joint venture of Peloton Capital Partners and Pennybacker Capital. The acquisition price was not disclosed.
“Investors were attracted to 2950 and 3030 South Gessner due to the property’s location in the Westchase District,” says Todd Casper of CBRE, who arranged the sale with colleague Mike Hassler. “This area is positioned at the heart of Houston’s most significant growth corridor and is a top-performing office submarket where demand exceeds supply.”
The two buildings, which total 121,700 square feet, are 80% occupied. ITT Educational Services Inc. is one of the major tenants, having occupied space since 1994. CVS Pharmacy and a few other healthcare providers are also tenants.
InSite Realty Partners, founded in 1994, is based in Houston. The company focuses on investing and operating commercial real estate properties throughout Southeast Texas.