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HOUSTON-BGK Properties of Santa Fe, NM, has acquired a sister office property in Houston’s northwest submarket for about $100 per sf or just under $16 million. Chillicote Properties of Kansas City, MO, is the seller.

BGK’s portfolio addition is Creekridge II, a 159,078-sf office building fully leased to DuPont and CenterPoint Energy, which have seven and 10 years, respectively, left on their leases at 140 Cypress Station Dr. The purchase falls two years after BGK acquired the 98,511-sf Creekridge I from Koll Bren Schreiber Realty Advisors. It has since been renamed to Cypress Court.

Ralph Tullier, associate in the Houston office for Dallas-based Trammell Crow Co., tells GlobeSt.com that Chillicote parted with the longtime hold in the 160-acre Cypress Station office park because it felt the timing was right due to favorable capital markets and the asset’s stabilization. He says the property will be a stable, long-term hold for the buyer, who liked the creditworthy names on the tenant roster.

The property, listed at close to $17.3 million, was on the market about three months, generating in excess of 10 offers, according to Tullier. The 14.5-acre holding, built in 1983, is assessed at $8.8 million by the Harris County Appraisal District.

In addition to Tullier, the seller’s team included Rusty Tamlyn, a Trammell Crow principal in Houston, and Patrick Hicks and Lee Jeane, both with Global Services Office Group in Houston. Tamlyn says the building is in good shape and doesn’t need any capital improvements, pointing out it’s positioned in a park that has attracted numerous high-profile tenants through the years.

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