Logan Brown with the Houston office of Grubb & Ellis Co. represented the seller, 2201 West Holcombe Blvd. Mike Sarfati with Houston's Sarfati Realty represented the buyer. Brown tells GlobeSt.com that the 98%-occupied building is at the epicenter of the medical center.
The building generated high interest from buyers in the market. The seller was ready to accept one offer, says Brown, when Simi upped its bid for the 21-year-old building. He would not give on the selling price, but structure was on the market for nearly $2.6 million.
Brown says the deal was stymied for several months as Simi chased assumption of a conduit loan for the acquisition. Such assumptions are complicated and often take several months to sort out, thus delaying the momentum of important real estate deals, he points out. Sellers in the Houston market are not motivated to cut deals unless it's advantageous due to current occupancy and lease rates, interest rate, tightened lender requirements and complicated conduit loan assumptions, which are making up the bulk of the traded deals.
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