HOUSTON-Following a two-year ownership for strictly investment purposes, the Dallas-based Crow Holdings has sold the 289,081-sf McCarty Business Park to Cobalt Industrial REIT, a real estate investment arm of Cobalt Capital Partners from Irving, TX.
The four-building business park, postioned at 245-279 McCarty St., was purchased in 2003 for a reported $7.2 million. The asset's current Harris County assessment is about $5.7 million. The park was 100% occupied at the time of closing, with tenants including J.D. Martin Co. Inc., Industrial Valco and Aerobus International.
"Crow had the building in a fund [Realty Investment Fund III] and was moving out of the fund," says Ralph Tullier, vice president with Trammell Crow Co.'s Capital Markets Group, in Houston who, with Rusty Tamlyn, negotiated the transaction on behalf of Crow Holdings. Tom Fishman and Lew Friedland with Cobalt Industrial REIT were on hand for the buyer.
Tullier tells GlobeSt.com that, during the eight weeks that the property was on the market, more than 10 bids were received. Because Cobalt was already active in Houston, "they were the logical group to buy it," he says. "We felt they would make good owners. And price-wise, they were very competitive."
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