X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-A Houston-area doctor has made his second acquisition in the region, spending $3.5 million in an off-market transaction for Corbindale Office Park, a three-building that neighbors his other holding.

Dr. Richard Plessala bought the multi-tenant office property, located at 9039 Katy Freeway in the upscale enclave of Hedwig Village. Details about the seller of the 98%-leased park are unavailable.

Corbindale Office Park was funded by a $2.6-million permanent, loan at a 5.75% fixed-rate interest, Jude C. Hopkins, assistant vice president in Houston for GMAC Commercial Mortgage Corp., tells GlobeSt.com. The seven-year loan amortizes over 23 years. Plessala put down nearly $1 million to secure an interest in the property, he says.

Built between 1974 and 1977, the 53,856-sf, three-building office park is set on more than two acres with about 200 feet of frontage on Interstate 10. The trio of identical, two-story buildings has a tenant roster that includes Chorus Consulting, Butler Burgher Inc., Answer Systems Inc. and First Impressions Inc. Offices range from 200 sf to 2,000 sf.

GMACCM senior vice president Allan D. Dannatt teamed with Hopkins to arrange financing through Farm Bureau Life. Dannatt says the physician’s previous acquisition helped to establish the relationship with GMACCM and Farm Bureau Life, which “enabled a seamless and timeless execution” of the deal.

In 1999, Plessala bought 9055 Katy Freeway, a two-building medical office complex on 25 acres. The 108,383-sf development is assessed at nearly $5.4 million by Harris County.

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
  • 1 free article* every 30 days across the ALM subscription network
  • 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 © 2021 ALM Media Properties, LLC. All Rights Reserved.