Thursday , 29 September 2016
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Office Project Sold in Houston Westchase District

Westchase office project sold in Houston.

Westchase office project sold in Houston.

HOUSTON – CBRE announced the sale of 2950 and 3030 South Gessner, a recently renovated, two-building office property located in Houston’s Westchase District. The two adjacent facilities total 121,700 square feet and are 80% occupied.

Todd Casper and Mike Hassler with CBRE’s Capital Markets team arranged the transaction on behalf of the seller, a joint venture of Peloton Capital Partners and Pennybacker Capital. InSite Realty Partners acquired the asset for an undisclosed sum.

“Investors were attracted to 2950 and 3030 South Gessner due to the property’s location in the Westchase District,” said Mr. Casper of CBRE. “This area is positioned at the heart of Houston’s most significant growth corridor and is a top-performing office submarket where demand exceeds supply.”

Located just south of Westheimer Road and one mile east of Beltway 8, 2950 and 3030 South Gessner are convenient to the Westpark Tollway and U.S. Highway 59. The property features an above-market parking ratio, covered parking and several speculative suites, which have significantly increased leasing activity.

The offices are anchored by ITT Educational Services, Inc., which has been a tenant since 1994. Other tenants at 2950 and 3030 South Gessner include CVS Pharmacy and the offices of several healthcare providers.

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