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HOUSTON-A local limited partnership has acquired the 190,794-sf International Plaza from Fondren Properties and Kris York Properties. The final price is off limits, but comparable sales of class C office space have yielded $50 per sf in the submarket.

The new owner, Brays Oaks Towers LP, plans to reposition the two-building complex at 10101-03 Fondren Rd., possibly making cosmetic improvements to the lobby. International Plaza, situated on 5.12 acres, was 80% leased at sale time. Rob Chandler, senior associate for NAI Houston, tells GlobeSt.com that the tenant base consists of smaller lessees with a high turnover, something the new owners plan to address.

Chandler says the seller is divesting all non-core assets from their portfolio to focus on multifamily projects. “York had bought the buildings separately, one seven years ago and one five years ago,” Chandler says. “This isn’t their final office sale. They’re looking to divest anything that’s non-multifamily.” The NAI Houston team included Jeff Barbles and Trent Siskron.

The 25-year-old International Plaza was on the market several months. Though it attracted solid interest, Chandler says a small glitch with a condo suite created problems with the closing. Because the condo’s owner wasn’t involved in the sale, more paperwork and red tape occurred. “It wasn’t an easy closing,” he says, crediting the closing to the buyer’s patience and track record.

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