The dealmakers aren't discussing the sale price for the 15.3-acre development at 8550-54 Katy Freeway. "This was a listed property that was widely marketed," says Rudy Hubbard, managing director for locally based Tranwestern Commercial Services. "We had multiple offers on the property--in excess of a dozen." He tells GlobeSt.com that the local partnership was given the nod for the purchase because of a strong ownership record and strong capitalization.

According to Hubbard, the new owners plan to demolish three buildings, partly to accommodate a project to widen Katy Freeway/Interstate 10, which currently is under way. They also plan to add a retail component to the complex, built between 1976 and 1982. The other four office buildings will remain intact. At sale time, the Chicago-based seller had the class B complex at 88% occupancy, primarily leased to a roster of professional services' tenants. The quoted rate is $15.50 per sf.

Hubbard says the redevelopment process is still being planned out so the renovation budget has yet to be finalized. Also, there is no date in hand to start construction. But, he says, "each of the tenants in that project has a relocation provision in their lease and the owners will use that to move them into other buildings to redevelop the site." He says the partnership isn't planning to start any new development until much of the freeway construction in the neighborhood is completed.