(Read more on the industrial market.)
HOUSTON-A South Texas developer has sold its one-year-old,192,420-sf Air Center Business Park to a Dallas-based investmentfund. Financial details of the sale to Cobalt Capital Partners LPwere kept confidential, but similar flex and industrial assets havetraded in the neighborhood of $65 per sf.
"This project was 65% leased and they looked at recapitalizingversus selling. They decided to sell because the capital market isvery active and they got a great price," explains Rusty Tamlyn,senior managing director for Holliday Fenoglio Fowler LP's Houstonoffice, who represented the seller, Cypressbrook Co. of theWoodlands. Tamlyn says Cypressbrook will continue to lease thecomplex, which is situated on 11 acres at 1704 Rankin Rd. and 16680and 16684 Air Center Blvd. in the Central Green Business Park.
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