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HOUSTON-San Diego-based Alessio Partners Inc. has acquired the 209,302-sf, 16-acre Westpark Business Center in southwest Houston. Sources say comparable properties would sell for $45 per sf to $55 per sf.

According to locally based Transwestern Commercial Services’ managing director Brian Gammill, the San Diego-based Alessio was one of many investment groups interested in the 12-building development at 6400 Westpark Dr. when it hit the market in the second quarter. “There was strong interest because of a close-in location, completion of the Westpark Tollway and barriers to entry on land to do similar development,” says Gammill, who represented the local seller, Avalon Financial Group. “This continues to be a strong infill location for companies that serve Greenway Plaza, Central Houston, the central business district. With the tollway being finished, tenants have a quick access out west.”

Assessed at $5.7 million by Harris County, the park was 80% leased at sale time. The tenant roster includes OK Paper Co., Cambe Geological Services Inc., YMCA’s corporate office as well as local offices for Fastenal Co. and Condit Co. Gammill says there are no immediate lease expirations on the horizon.

Alessio Partners, represented by Steve King with CB Richard Ellis’ Houston office, got the nod to buy because of its previous track record with flex projects, rather than winning the decision solely on price. “A couple of other bidders offered a similar price,” Gammill says.

The 36-year-old Westpark Business Center was Avalon Financial’s only real estate holding in the area. “They had it for about 15 years. Avalon is more of a passive investor,” Gammill tells GlobeSt.com. “It was time to sell, based on the uptick of the market and improvement in the flex sector.”

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