The single-building asset at 6400 Southwest Freeway was on the market a couple months, generating just a couple offers, according to Jerry Goldstein, senior investment adviser in Houston for Marcus & Millichap Real Estate Investment Brokerage Co. "But this particular buyer had property in the area and really knew the area well," he tells GlobeSt.com. The buyer of record is 6400 Southwest Freeway Ltd., which was represented by Lila Realty in Houston.
Situated near the intersection of Westpark Drive and Hillcroft Street, the center was 97% leased at sale time. Educational Leadership is the lead tenant in 24,000 sf. Other tenants are Houston Independent School District, a dialysis center, physician and pharmacy. The marketed rents go from $9.25 per sf to $12 per sf , triple net.
"This is a business center that is leased like a shopping center," Goldstein says. "But that's not unusual in this type of property these days."
Goldstein says the buyer doesn't have to worry about a lease roll since only two leases expire within the next 18 months. "The new owners will manage and lease it themselves, but there really isn't much to do," he adds. "The property's in good condition and there's little deferred maintenance."
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