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HOUSTON-McHollister LP of Rosemont, IL has sold the 61,800-sf Northwest Crossing Park to Cabot Industrial Value Fund II. In addition to the flex building, the Boston-based buyer has taken over an adjacent 3.3-acre parcel.

While the financial considerations on the transaction at 7701 W. Little York Rd. were kept quiet because of confidentiality agreements, similar properties in the area have gone for $70 per sf to $80 per sf. “There was lots of activity on this one. This is a nice, new product on a controlled business park in a popular area–northwest,” says Rusty Tamlyn, principal and managing director of Trammell Crow Co.’s capital markets group in Houston. He and colleague Ralph Tullier, a TCC vice president, represented the seller.

The seller is an affiliate of McShane Corp., which built Northwest Crossing in 2001. It recently put the 65%-occupied building on the market because it no longer fits the portfolio’s profile, Tamlyn tells GlobeSt.com. “They’re focused mostly on distribution these days and this property is what we call flex service,” he explains.

Meanwhile, the Value Fund II’s acquisitions team beat other offers because its previous strong relationship and track record plus it offered all cash and a quick close. Tamlyn says the property’s appeal to the buyer is the vacant land and not-yet-stabilized occupancy. “They’re a value-added REIT,” he adds. “They saw good upside potential to this and will probably develop on the vacant land.”

Tamlyn also points out there are no concerns about immediate tenant roll because most tenants are fairly new. The roster includes Walgreen’s, GS Marketing Inc. and Cadence McShane. The space is on the market for $7.50 per sf to $8.75 per sf, triple net, with TCC charged with lease up.

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