HOUSTON–Dornin Investment Group has acquiredColumbia Centre, a 166,720-square-foot, class B+,nine-story office building and structured parking garage situatedon approximately 4.05 acres in Houston's WestchaseDistrict.
Located at 11011 Richmond Ave., the building is featuresefficient floor plates, a glass facade, a favorable parking ratio,covered walkways, a park-like setting and attractive landscaping.Both the building and the parking garage were completed in1983.
Significant value-add opportunities exist, says Dornin, throughcontractual rental rate increases and mark-to-market rents.In-place rents are approximately 34 percent below market, and 92percent of the rent roll expires within the first five years of theholding period, allowing for immediate NOI growth.
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