REIT president Allen R. Hartman tells GlobeSt.com both the 128,891-square-foot Northchase Center at 14550 Torrey Chase Blvd. and the 71,008-square-foot Cornerstone Plaza at 3707 Farm-to-Market 1960 West located one mile east are well-maintained assets, with occupancies between 90% and 92%. Tenants at Northchase Center include Valassis Communications, Inc., Frontline Group and Discount Tires, while Cornerstone Plaza has McDonald's Corp. as well as other tenants.

Hartman acknowledges the portfolio is a somewhat unusual buy for the REIT, which focuses on office buildings and shopping centers with a value-add potential. The deal's appeal involved the cap rate and price per square foot.

Though the actual purchase price was kept under wraps, "these were under contract about a year ago for about $78 per square foot," Hartman says. Furthermore, Harris Central Appraisal District values the assets at between $50 per square foot and $60 per square foot. Hartman says the actual sales price was lower than last year's contract and the assessed value.