Younan Properties, a California-based partnership, is hoping to realize the upside potential by increasing occupancy, Logan Brown of the Houston office for Grubb & Ellis Co. tells GlobeSt.com. The building, positioned a mile south of Interstate 10, was 52% leased at sale time. Brown says increased attention from the owner will help make the upside potential a reality.

Jeff Andrew and Tom Bousquet, both with CB Richard Ellis Inc.'s Houston office, represented Younan, which is tapping local brokers to oversee leasing and management. Brown says the building is in excellent condition so no major capital improvements are on the drawing boards.

Situated on 3 1/2 acres, the building was constructed in 1980. Harris County Appraisal District assesses the property at $3.3 million. Michael Stevens Interests sold the property to devote 100% of its energy to the multifamily market.

Brown, like his peers, say Houston office buildings have been trading steadily due to low interest rates, stock market-wary investors and a strong office market that outpaces many other US cities. Brown says the synergy sparking the brisk sales existed before, but always coming at separate intervals and not simultaneously. The combination has hyped demand for local office product among investors, he says.