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HOUSTON-Capital Commercial Investments Inc., an Austin investment group, has sold the Offices at Piney Point, a pair of three-story, glass-and-brick office buildings in southwest Houston.

The twin office buildings, totaling 155,179 sf, are situated on 4.4 acres at 2450 and 2500 Fondren Rd. in the exclusive Piney Point Village. The holding also includes a parking garage. The 98%-occupied buildings, built in 1980 and 1981, have 63% of the tenant roster connected to the medical profession.

Four tenants in common bought the asset, Ray Marshall of Houston-based Kinghorn, Driver, Hough & Co. tells GlobeSt.com. O.N. “Mike” Baker and Dewey Stringer III, both from Houston, are principals in the buying entity.

Marshall, the loan arranger, secured $11 million in financing from Thrivent Financial for Lutherans. The 20-year loan is amortized over 20 years. Marshall won’t disclose the LTV or the selling price, but Capital Commercial was seeking $101 per sf or $15.6 million.

According to Harris County tax records, the holding is assessed at $10.9 million for 2002.Marshall says Thrivent was used as the lender because the deal had a “very short fuse”–the loan had to be originated and closed in 45 days at the seller’s behest. Marshall confides the buyers were interested in the deal because rents are not at market value, providing some upside potential.

The Offices at Piney Point complex has a distinct advantage in that it’s the only office product in the tony municipality, where incomes average more than $300,000 annually and homes cost $800,000 on the average.

Marshall says the office complex is in good condition, but the new owners are planning to increase the parking area and make some “nominal capital improvements.” The property was marketed as having undergone renovations to the common areas and upgrades to the HVAC system in 1998 and 1999.

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