HOUSTON—For those who doubt Houston's comeback, a representative sampling of recent office, retail and industrial property sales may change that thinking. All are located in Houston submarkets and suburbs.
The largest of the three acquisitions was an office property. Intellicenter, a 160,407-square-foot class-A property recently closed for an undisclosed price. Holliday Fenoglio Fowler marketed the property on behalf of the seller, TA Realty, and procured the buyer, Insite Commercial Real Estate. The property was sold free and clear of financing. Intellicenter is situated on 12.8 acres at 4650 Westway Park within the 3-million-square-foot Westway Park office campus along the West Sam Houston Tollway (Beltway 8).
In addition, The Market at Lake Houston, a 101,791-square-foot fully leased H-E-B-anchored retail center in Atascocita, TX, recently sold. HFF marketed the property on behalf of an undisclosed institutional client. Westwood Financial Corporation purchased the asset. Additionally, HFF worked on behalf of the new owner to secure acquisition financing as part of a larger portfolio with Nationwide Life Insurance Company.
The Market at Lake Houston was completed in 2002 and is fully leased to national and regional tenants, including H-E-B, Sally Beauty Supply, Payless ShoeSource, GameStop, VIP Nails and Spa, Five Guys, Market Cleaners, Leslie's Swimming Pool Supplies and Subway. Situated on 13.856 acres at 7402 FM 1960 Road East, the center is at the “main and main” intersection of the most heavily trafficked intersection in northwest Houston, which clocks in more than 69,000 vehicles per day. More than 65,750 residents earning an average annual household income of approximately $112,709 live within a 3-mile radius of the retail center.
HFF's investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West. HFF's debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and directors Jamie Kline and Matthew Putterman.
Finally, two assets comprising three infill industrial warehouse buildings totaling 101,635 square feet recently sold in two Houston submarkets. ATCAP Partners purchased the property for an undisclosed price. The HFF investment sales team representing the seller was led by senior director Trent Agnew and Tamlyn.
“There is very little industrial product for sale in Houston, and the fundamentals are exceptionally strong in the two submarkets where these properties are located,” Agnew said. “We have worked with ATCAP before and they were a good fit for these two assets, given their ownership of other similar assets here and ability to move quickly.”
The properties consist of 3300 Claymoore Park, which is situated on 2.25 acres in the Northwest industrial submarket, and 9362/9366 Wallisville Rd., which is housed on 4.05 acres in the Northeast industrial submarket with access to the Houston Ship Channel and the Port of Houston. Both properties are in in-fill locations with access to Interstate 10, Highway 290, Sam Houston Tollway (Beltway 8) and Loop 610. The buildings are 100% leased to eight tenants. Additionally, the Claymoore building is HazMat-capable.
“The industrial market nationally continues to be strong as evidenced by Prologis, the largest industrial owner in the country,” Tamlyn tells GlobeSt.com. “They have adjusted their rent growth from 4 to 8% for the remainder of 2017. New investment capital continues to move into industrial product and away from retail due to the impact of e-commerce and uncertainty in retail with multiple tenant bankruptcies. Industrial investment is considered defensive and aligns with those who have end of business cycle risk concerns.”
HOUSTON—For those who doubt Houston's comeback, a representative sampling of recent office, retail and industrial property sales may change that thinking. All are located in Houston submarkets and suburbs.
The largest of the three acquisitions was an office property. Intellicenter, a 160,407-square-foot class-A property recently closed for an undisclosed price. Holliday Fenoglio Fowler marketed the property on behalf of the seller, TA Realty, and procured the buyer, Insite Commercial Real Estate. The property was sold free and clear of financing. Intellicenter is situated on 12.8 acres at 4650 Westway Park within the 3-million-square-foot Westway Park office campus along the West Sam Houston Tollway (Beltway 8).
In addition, The Market at Lake Houston, a 101,791-square-foot fully leased H-E-B-anchored retail center in Atascocita, TX, recently sold. HFF marketed the property on behalf of an undisclosed institutional client. Westwood Financial Corporation purchased the asset. Additionally, HFF worked on behalf of the new owner to secure acquisition financing as part of a larger portfolio with
The Market at Lake Houston was completed in 2002 and is fully leased to national and regional tenants, including H-E-B, Sally Beauty Supply, Payless ShoeSource, GameStop, VIP Nails and Spa, Five Guys, Market Cleaners, Leslie's Swimming Pool Supplies and Subway. Situated on 13.856 acres at 7402 FM 1960 Road East, the center is at the “main and main” intersection of the most heavily trafficked intersection in northwest Houston, which clocks in more than 69,000 vehicles per day. More than 65,750 residents earning an average annual household income of approximately $112,709 live within a 3-mile radius of the retail center.
HFF's investment sales team was led by senior managing directors Rusty Tamlyn and Ryan West. HFF's debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and directors Jamie Kline and Matthew Putterman.
Finally, two assets comprising three infill industrial warehouse buildings totaling 101,635 square feet recently sold in two Houston submarkets. ATCAP Partners purchased the property for an undisclosed price. The HFF investment sales team representing the seller was led by senior director Trent Agnew and Tamlyn.
“There is very little industrial product for sale in Houston, and the fundamentals are exceptionally strong in the two submarkets where these properties are located,” Agnew said. “We have worked with ATCAP before and they were a good fit for these two assets, given their ownership of other similar assets here and ability to move quickly.”
The properties consist of 3300 Claymoore Park, which is situated on 2.25 acres in the Northwest industrial submarket, and 9362/9366 Wallisville Rd., which is housed on 4.05 acres in the Northeast industrial submarket with access to the Houston Ship Channel and the Port of Houston. Both properties are in in-fill locations with access to Interstate 10, Highway 290, Sam Houston Tollway (Beltway 8) and Loop 610. The buildings are 100% leased to eight tenants. Additionally, the Claymoore building is HazMat-capable.
“The industrial market nationally continues to be strong as evidenced by
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