The six-building complex is positioned at 8825-9087 Knight Rd. near the Texas Medical Center. It was developed in the early 1980s and was 96% leased at sale time.

Lewis D. Friedland, Cobalt Capital's founder, tells GlobeSt.com that Astro Business Center is indicative of the property type, preferably light industrial, that the partnership is seeking. Cobalt also is looking at investments in the suburban office market. The firm is aggressively looking in the top 20 US markets for more acquisitions. Friedland wouldn't say how much money has been set aside for acquisitions or how much property is being chased.

The first purchase is in "great shape," Friedland says, noting that there are no plans to renovate other than make some minor cosmetic improvements. "The project is located in one of the city's most dynamic submarkets and contains a diverse portfolio of national, regional and local tenants," he said in a press release. The purchase should deliver "significant long-term growth" due to its proximity to the Texas Medical Center and Houston's new light-rail system, he adds. The light-rail system will connect the Medical Center to the CBD to build in an extra amenity for property owners along the proposed rail line.

PHL OPCO LP, a New York City real estate investment fund, is the seller. Dallas-based Trammell Crow Co. principals Rusty Tamlyn and Ralph Tullier and associate Aaron Thielhorn, all with the Houston office, represented the seller, who acquired the 10-acre holding in 1998. According to the Harris County Assessment District, the property is assessed at nearly $3.8 million.