HOUSTON-Boxer Property has made its third property acquisitionin the Houston market so far this year, buying 14405 Walters Rd.from special servicer LNR Texas Partners Inc.
The price was not disclosed, but similar distressed assets aretrading for $30 per square foot to $40 per square and using thosenumbers, the 174,072-square-foot, class B building traded for $5.2million to $7 million.
Boxer Property previously owned the 10-story building. It soldthe property to Bresler & Reiner Inc., a private real estateinvestor based in Rockville, MD, in 2006. When LNR foreclosed onthe property, the servicer assigned leasing and managementresponsibilities to Boxer Property.
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