Five-Building Sale Mark of Investors' Interest in Houston

Darrell Betts, senior vice president of the Houston office of Grubb & Ellis Co., represented the seller, West Houston Office Portfolio LP. West Houston Office is a joint venture of local partners including an institutional group, Betts tells GlobeSt.com. Jim Roberts of Dallas-based First Texas Realty, acted on behalf of the buyer, Houston Office Properties, a Dallas investment group.

Betts says his clients simply felt the timing was right to sell. The transaction, he says, is a true validation of the investors' continued long-term interest in the Houston office market. Betts, mum on the sales price, also says there was no advertised asking price for the properties.

Upon closing the five-building acquisition, Houston Office Properties turned around and sold the 83,101-sf office building at 10700 Northwest Freeway to Central United Life Insurance Co. Jim Roberts, acting once again for Houston Office Properties, said the deal was mortared in the buyer's intense desire to own its own office location. John Silberman, Cathleen Morgan and Drew Lewis, all of NAI Partners in Houston, handled the transaction for the buyer of the holding, which carries a $3.7-million assessed valuation.