HOUSTON – (Realty News Report) – Next Investments, LLC, thru a private placement offering, has acquired 11777 Katy Freeway, a 120,520-SF office park located on Interstate 10 in Houston’s west office submarket marking their first multi-tenant office building acquisition.
Payton Indermuehle and Todd Jurek of Keen Realty Group, LLC represented the Buyer. The Seller, Dornin Investment Group, was self-represented.
Financing was provided by Green Bank, N.A. thru HFF’s Houston office by Michael Johnson and Stuart Hepler.
The property consists of two buildings, 4 and 5 floor structures, with covered surface parking on 3.7 acres.
At the time of the sale the office park was 60 percent occupied.
“This was a challenging acquisition due to the office market conditions on the west side. The lending market was apprehensive and offering unattractive terms. We felt the leasing risk related to the energy industry downturn was minimal for this asset going forward. The office market, in particular this submarket, has started to recover,” said Payton Indermuehle.
Dec. 27, 2018 Realty News Report Copyright 2018