The Harris County Appraisal District assesses the 3.4-acre tract and building at $2.5 million. At sale time, the 21-year-old building was 98% occupied, with a tenant directory that includes Bank of America, Degussa Engineering and Nutech Energy.
Jeff Lyons and Woody Mann Jr. were Vista Equities' in-house representatives for the negotiations. Danny Miller and Maggie Ogilvie, with the Houston office of CB Richard Ellis Inc., represented the Addison, TX-based seller. Jay Ohrt, vice president in the Victoria, TX office for Coastal Banc, arranged the acquisition financing. Leslie Mann at Lawyer's Title handled the closing. Vista Equities plans to take over management and leasing of the property.
Mann, Vista Equities' president, said in a press release that the acquisition continues "investment objectives" that blend its neighborhood, retail development activities with quality, well-located properties.
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