HOUSTON – Sam Houston Crossing I, a 159,175 square-foot office building in northwest Houston has been purchased for $26.2 million. The buyer ia a joint venture between Houston-based Fuller Realty Partners and Independencia.
HFF marketed the property on behalf of the sellers, Duke Realty Corporation and Chambers Street Properties.
Sam Houston Crossing I is located in Houston’s West Belt Corridor off of the Sam Houston Parkway (Beltway 8) between the Northwest Freeway (U.S. 290) and Highway 249 at 10343 Sam Houston Park Drive. The three-story building was completed in 2007 with a typical floor plate offering 53,000 square feet of rentable space.
The building is 100 percent leased to six tenants, including U.S. Steel; Farmers Insurance Exchange; C.H. Robinson Project Logistic; Brock Enterprises, Inc.; Axon EP, Inc.; and AMEC Oil & Gas, Inc.
The HFF investment sales team representing the seller included senior managing director H. Dan Miller, director Martin Hogan and real estate analyst John Rogers.
“Sam Houston Crossing I offers investors a stable current yield while providing significant upside potential,” Hogan said. “The building accommodates higher density tenants looking for a high profile location with Beltway 8 frontage, efficient, rectangular floor plates and a 5/1,000 parking ratio.”
Duke Realty owns, maintains an interest in or has under development 156.5 million rentable square feet of industrial and office assets, including medical office, in 22 major U.S. metropolitan areas. Duke Realty is publicly traded on the NYSE under the symbol DRE.
Chambers Street Properties is a REIT focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of September 30, 2014, Chambers Street owned or had a majority interest in 129 properties located across 20 U.S. states, France, Germany and the United Kingdom encompassing approximately 36.3 million rentable square feet.
Chambers Street also announced the sale of two additional properties: One and Two Easton Oval, a pair of buildings in Columbus, Ohio totaling 253,705 sf for $20.7 million and Deerfield Commons, a 122,000-sf office building with a 10-acre lot in Alpharetta, Ga. for $19.4 million.