Holliday Fenoglio Closes Industrial, Office Sales
- Jul 19, 2012
Holliday Fenoglio Fowler’s Houston branch announced closing the sales of both a four-building, Class A industrial portfolio and a 95,166-square-foot office property last week.
The four-building industrial portfolio was purchased by Industrial Income Trust for an undisclosed amount, debt free. Two of the four buildings are located within the Northwest 8 Business Park, which is situated along Beltway 8 less than two miles south of Highway 290. The other two buildings are located within Windfern Distribution Center near the intersection of Highway 290 and Gessner Drive.
Completed in 1999 and 2001, the distribution buildings are 93.3 percent leased and include a mixture of rear load, front load and cross dock buildings. The properties are leased to tenants such as Schlumberger Technology, Bayou Packaging, Core Laboratories L.P. and Specialty Rolled Metals.
The seller, a separate account client advised by Clarion Partners, was represented by HFF’s senior managing director Rusty Tamlin and associate director Trent Agnew.
HFF also mediated the sale of 1900 Yorktown, a 94,166-square-foot office property located just south of the intersection of Yorktown and San Felipe; the six-story building, which most recently served as home to the Art Institute of Houston, includes a nine-story parking garage with a total of 486 spaces. Buyer The Finger Cos. plans to demolish the building and develop a mid-rise, Class A multi-housing apartment community on the site. The Finger Cos. specializes in real estate development, with a focus on multi-housing properties. To date, it has completed more than 75 apartment communities in 13 cities, representing more than 25,000 units with a consistently strong return on investment.
HFF marketed the property exclusively on behalf of a national specialty finance company, with senior managing director H. Dan Miller, managing director Davis Adams and director Marty Hogan leading the investment sales team.