X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-The Northwest Plaza, a three-building, 145,884-sf office complex at 10301-10333 Northwest Freeway in northwest Houston has sold for just south of its $5.6 million asking price.

The complex was sold by a private investor headquartered in New York City, James Bell, senior associate with the local office of Marcus & Millichap Real Estate Investment Brokerage Co. tells GlobeSt.com. Bell and Jeffrey Barbles, associate at Marcus & Millichap’s local office represented the buyer, a locally based private investor.

The property was listed by Marty McAdams of the city’s McAdams & Associates. Bell says it was on the market for about 90 days and received multiple offers before going under contract to his client.

The seller put the complex on the market as part of the normal rotation of his portfolio, according to Bell. The buyer, who “owns a couple of other office buildings in Houston,” is planning to address some deferred maintenance issues and realize upside potential through increasing the occupancy at the class C complex, he adds.

Bell didn’t know how much his client would put into capital improvements at the 28-year-old asset. The complex, which is situated on nearly five acres, has occupancies hovering somewhere near 78%. The tenant base is made up mostly of small users, he adds.

Bell says the Northwest Freeway submarket in which the property resides has average occupancies closer to 88%, leaving a lot of room for improvement. The property sits across the freeway from the Exxon developed Brookhollow Office Park. In addition to Exxon, Bell says the submarket is home to a lot of government tenants including the Harris County Appraisal District.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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 © 2020 ALM Media Properties, LLC. All Rights Reserved.