X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Malladi Partners of Houston has rolled in its first office building to a mixed commercial portfolio, convincing the Newport Beach, CA-based Koll Bren Schreiber Realty Advisors to part with a 79,000-sf holding along Southwest Freeway. The seller, like some of its counterparts, most often keeps building sales under wraps.

Malladi’s acquisition is the two-story, 84%-occupied 9100 Southwest Freeway. The tenant directory includes Harvest Financial and Dale Carnegie.

M.J. Reddy of Malladi Partners confirmed the sale to GlobeSt.com and explained it was bought as a long-term investment. Reddy says the building’s suites are geared to tenants in the 800-sf to 5,000-sf category. The plan, naturally, is to improve occupancy.

Reddy says the purchase is Malladi’s first foray into the office market. The firm owns 750,000 sf of retail product, 750 apartments and 300 acres, now being developed. Reddy says the company felt the time was right to get into office product because the market is soft.

Koll Bren Schreiber acquired the building, constructed in 1977, just four years ago. John Dailey, vice president with Houston’s PM Realty Group, says it was not on the market. He says Malladi Partners approached PM Realty Group when it wanted to buy an office building in that part of town. Daily, in turn, asked Koll Bren Schreiber if there was any interest in selling.

Though the price is hushed, Dailey says the offer was reasonable and the deal fit into the Koll Bren Schreiber’s exit strategy for the asset. According to Harris County tax records, the building is assessed at $2.6 million.

Reddy and Dailey represented their respective firms in the deal. With the sale, Koll Bren Schreiber’s Houston portfolio now has 3.5 million sf in 33 office, retail and office/warehouse properties. The company owns 11.8 million sf in Texas.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.