Goddard was introduced to the deal by Houston broker, Greg Nelson of Moody Rambin Interests who had a couple clients' offers rejected by seller GMH Capital Partners of Newtown Square, PA. The 10-story North Belt Corporate Center at 2350 N. Sam Houston Parkway East in the Greenspoint submarket attracted seven offers from would-be buyers willing to spend $9.2 million to $9.4 million for the 98%-occupied office building, according to Nelson. GMH Capital, represented by Broadstreet Advisors of New York City, was seeking $10.3 million to $10.4 million.

Nelson says GMH Capital pulled the holding from the market, at which point he contacted Goddard. The new owner believes it has "an ability to add value to the property," Nelson tells GlobeSt.com. Goddard will invest just shy of $1 million into its value-add plan to address deferred maintenance and provide a capital improvements pool to leverage tenant retentions. The ready pool could prove beneficial since four floors are controlled by two tenants, Bredero Shaw and Southwest Energy Co.

Nelson says Goddard will start to realize the upside as leases roll once the renovation is done. The building's current quoted rate is $13 per sf and $14 per sf, but that most likely will go to about $16 per sf, he adds.

Goddard owns three other office buildings in town and familiar with the current leasing environment. In fact, Goddard is scouting for other acquisition opportunities around town, Nelson says.

Bob Cromwell of Moody Rambin held the leasing assignment for the seller and will continue in that role, along with Moody Rambin's Liz Wescott-Brown. Moody Rambin also gets renovation oversight and property management, duties assigned to Robin Wenzel.