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THE WOODLANDS, TX-It’s a sign of submarket maturity, with two office properties attracting a buyer from the commercial investment arena. Santa Fe-based BGK Properties makes the hallmark purchase in the Woodlands, says Bill Miller of Holliday Fenoglio Fowler LP’s Houston investment sales group.

Miller, Jim Savage and Jeff Holinden represented the Woodlands Operating Co. LP in the sale. “This sale represented a unique opportunity to own a commercial asset in a strong and growing submarket,” Miller tells GlobeSt.com.

In the past, buyers were users instead of hailing from the commercial investment arena. BGK has acquired the deeds to a five-story, 77,951-sf structure at 10200 Grogan’s Mill Rd. and a four-story, 71,996-sf building at 1610 Woodstead Court. The Grogan’s Mill property was built in 1980 and is 100% leased to tenants such as Chicago Bridge & Iron and Sprintcom Inc. Woodstead Court is 93% leased to tenants such as Stewart Title and D. Hilton & Associates.

“These properties were marketed and closed within approximately six months, a relatively short period in today’s environment,” says Miller. “That speaks to the strength and desirability of the Woodlands submarket and also to the quality of these assets. This transaction also illustrates that investor confidence in the Houston economy remainshigh despite signs of a national slowdown.”

BGK Properties is a private investment group that owns more than 150 properties nationwide. The portfolio contains more than 18 million sf. In Texas, BGK owns 34 properties for an aggregate 3.5 million sf, of which 18 buildings are located in Houston.

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