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.

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