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THE WOODLANDS, TX-A Lubbock, TX-based privateinvestment group has acquired Venture Tech III, a70,200-sf flex office building for $1.9 million. The property was purchased from Tangent OfficePartners II LP of Spring, TX as a tenant-in-commondeal through a 1031 exchange. Tangent Office Partnerswas represented by Boise, ID-based For 1031, while thebuyer was represented by Wes Hallmark, a seniorinvestment advisor of Sperry Van Ness/Hallmark &Associates Inc. in Lubbock.

Situated on 8.9 acres at 8708 Technology Forest Place,the single-story building is 100% master leased by anoperating entity and then subleased to severalnational credit rated tenants, including Maersk Inc., asubsidiary of Maersk Sealand of Denmark; Milwaukee-based Rockwell Automation Inc.; Greenville,SC-based Reliance Electric Industrial Co.; andFleetPride Inc., which is headquartered in TheWoodlands.

Hallmark says that the buyer was attracted to the20-year master lease and the non-recourse financingthat was assumable on the six-year-old building, whichis assessed at $5.2 million, according to theMontgomery County Appraisal District.

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