The buildings, situated at 8665 New Trails Dr. and 2700 Research Forest Dr., weren't too far from buyer Creekstone Partners' first Woodlands office acquisition at 8401 New Trails Dr.: a 71,000-sf office building bought during the middle of 2006. "All of these buildings are within a mile radius of each other. They're all very similar in design and structure," says Michael Preston, president of Creekstone Partners.
Preston says his company was approached directly by the seller, Woodlands Development Corp., about the possible acquisition. Creekstone was amenable because of its positive experience with its first purchase in the Woodlands. "We loved the assets. We like the Woodlands and that's how we had the opportunity to grab onto these two," he says.
Preston tells GlobeSt.com that the tenant roll isn't significant for the next few years, with 2015 being the first year to pay attention to potential expirations. Nor is Creekstone planning major rent increases. "Our main objective is to keep our expenses in check and see where the market takes us in terms of cap rates," Preston adds.
The fully leased, 63,605-sf Venture Technology Center at 8665 New Trails Dr. sits on seven acres. Built in 1992, it is leased to Chart Industries Inc., McLeod USA Inc. and Fusion Petroleum Technologies Inc.
The 72,549-sf Venture Technology Center XI at 2700 Research Forest Dr. was built in 1999. The 95.6%-occupied building, positioned on eight acres, has five tenants: Newpark Resources Inc., Rockwell Automation Inc., Applied Veterinary Systems Inc., Mineral Resource Technologies Inc. and Option One Mortgage Corp.
Harbor Capital Group of Houston arranged the cross-collateralized loan from the Cleveland-based KeyBank's local branch. Creekstone Management will oversee leasing and management.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.